Personally guaranteed business loans are very common in small businesses and it must be determined by a bankruptcy lawyer how these guaranteed debts affect the individual’s financial life.  In short, a guaranteed business debt is really no different than a personal debt when it comes to bankruptcy.  If you are personally obligated to pay it, then a complete review of the business owner’s assets must be done to determine the best solution to the problem, which solution may include filing a personal bankruptcy (even though the nature of the debt is business).