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A Individual Personal Guarantee is an individual's legal promise to repay credit issued to a business for which they serve as an executive or partner. Providing a personal guarantee means that if the business becomes unable to repay a debt then the individual is personally responsible.
In most cases, you can easily discharge your liability for a personal guarantee by filing for bankruptcy relief (unless the guaranteed debt itself is nondischargeable). If you discharge your personal guarantee through bankruptcy, the lender can no longer go after your personal assets to collect business debts.
Sources: https://www.investopedia.com/terms/p/personal-guarantee.asp, https://www.alllaw.com/articles/nolo/bankruptcy/personal-guarantee-bankruptcy.html
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