will I lose all my assets when I file Chapter 7 Bankruptcy?

In a bankruptcy you will not lose those items that can be exempted. Georgia's exemption laws are found in OCGA 44-13-100. When determining the value of the property you also have to account for any secured debt. Example: Car might be worth $12,000 but has a loan of $10,000. For bankruptcy purposes, the car is only worth $2000 and it is generally very easy to protect.  If you assets are owned free and clear, you may be forced to file a chapter 13 so you can keep all your assets.