You cannot be fired because you are garnished on one debt. If you get a notice of garnishment see a lawyer. Yes, in some cases. People sometimes put up something that they own or are buying as collateral or security for a loan. For example, when you borrow money to buy a car, the car is usually collateral and the creditor can repossess it if you don t make your payments.
People often put up their household goods as collateral for loans from finance companies.
In Wisconsin, the law does not allow creditors to take an interest in household goods as collateral, including dining room and bedroom furniture, and kitchen appliances, unless the creditor loaned you the money to buy these items. In Wisconsin, a creditor can only repossess an item by taking you to court and getting a court order to allow the repossession, unless you allow the repossession voluntarily. If someone takes you to court for repossession, see a lawyer immediately. There is an important limit on this, too. Your equity in your home is what it is worth over and above what you owe on it.