Warranted debts are attached to an asset, like the mortgage of a house or financing of a car. If you become delinquent on payment of a warranted debt, the financial institution can repossess the asset (repossessing a car, or foreclosing a house).
Vehicle loans - many vehicle loans include a security over the vehicle allowing the finance institution to repossess the vehicle at any time, once you are in default. In order to recuperate a repossessed vehicle, you will have to pay the remaining balance of the contract, as well as interest and costs related to the repossession process. Otherwise, the lending institution can sell your vehicle in an auction. If you think that you might not be able to make the payments on your car, the best solution would be to sell the car and pay off the debt, avoiding execution costs, and the negative impact it would have on your credit score.
House Loans - If you fall behind on your mortgage payments, notify the lending institution immediately, to avoid the involvement of a collection agency that could execute your mortgage, and put your house for sale on an auction. Most financial institutions are open to negotiations, as long as they see that you are acting in good faith, that the situation is temporary, and that it can be corrected. Some might accept extending your contract, reducing your monthly payments. Others may reduce or suspend your payments temporarily, distributing that amount on your monthly payments, once you resume to your regular agreement. Ask if interest would be applied in these cases. If it is, calculate how much would be added to the long term total?
Unwarranted liabilities are not attached to an asset. They include credit card debts, medical bills and other service related debts. However, if you have both debt and assets under your name, the totality of your assets might be executed to satisfy your debt.