A quick internet search turns up this info: If you hide assets knowing that you are going to default, then the bank's claim is viable and the court will make you reveal the assets and turn them over. In other words, it may be too late to protect assets.
I am not a lawyer. Not an expert. Not even a very smart person. But that's what I've gleaned so far.
The issue of asset protection is a good one. I'm glad you raised it.