While going through foreclosure how can other assets be protected or de we have to resort to bankruptcy?

Your other assets aren't at risk, until and unless the Plaintiff gets a judgment, there is a deficiency after sale (that is, the sale of the house doesn't cover the mortgage), and the Plaintiff wants to go after you for said deficiency.

Regardless, you should have plenty of time to work something out to avoid this before you need to be worrying about filing bankruptcy to protect any assets.  Bankruptcy may be an option for other reasons (including stopping the foreclosure), but that's another matter.