You may be able to renegotiate (Insolvency) the agreements

You may be able to renegotiate the agreements that have your personal guarantee and give instead some other comfort or personal security to your banker. When you will be able to do this, not only will you be successful and a strong industry competitor, but moreover you will never get in trouble again! You have right now shamed your merchant, and implied (but did not directly say) that you are ready to end your agreement. This plan must identify the most important areas of your small company. When you don't disclose the problem, the buyer's due diligence will uncover it and this will destroy your credibility. When the firm returns to positive available funds, advertising and selling must be one of the first areas in which you begin spending again. This means there are still labor costs, overhead and production expenses, not to mention marketing expenses to aid boost sales. What does matter is what you're doing now and in the future. When the enterprise returns to positive available funds, advertising and selling must be one of the first areas in which you begin spending again. This will be true even when you include the professional's fee. You'll have a new enterprise partner once you petition.

Using such a plan, you won't have to file for chapter vii bankruptcy and never have to create good on a individual guarantee. You have just used exempt property to pay an unsecured liability. They need a leader that will level with them and give them an honest assessment of the company's prospects. They may be willing to eliminate costs, but what they need to eliminate may be less obvious.