What are you trying to protect?
Typical case would be someone who owns a piece of property and has other assets, another home, saving, investment, etc.. If the bank forecloses on the property, can they also land a judgement from the court giving them the right to come after other assets.
Don't quote me on this, but most assets can be at risk, except homesteaded property in florida. Everything comes into play, loan type, loan loss, loan agreement, what state assets are in, etc..
Get the guidance of a lawyer.
Here's a legal web site with some basics:
Deficiency Judgements:
mortgage foreclosure deficiency judgements
What's protected in Florda:
florida asset protection, wages, annuity, Florida statute
florida homestead protection
There's more if you click on the menus to the left.