Many folks think that if their debts are unsecured, and they default, that they can just walk away from them. It's not true, and if the lender goes to court he'll likely get access to everything that you own, with the exception of things, such as cheap clothes, non-valuable home furnishings, and the equity in your home. If you default on an unsecured loan, you might get a part of your wages garnished, or money may be taken from your bank account.