In my experience, when someone personal guarantees a business loan it usually results in a person having to file a personal bankruptcy. Furthermore, if the business is being closed or is already closed, most times a business bankruptcy is not necessary but a personal one is necessary.
Once a business is close and assuming there are no assets then the only one the creditors can come after is you if you guaranteed the loan. That is the purpose of the bank/creditor having you guarantee the loan in the first place. I find that most business debt is personal. For example, your business credit card was applied for and taken out by you. If the business defaults on the credit card, the credit card company will look to you to pay, since you are the business and took the card out.
You should always discuss your options and specific situation with an attorney.