When you personally guarantee a debt, your personal assets are at stake. So irrespective of wording, the short answer is yes. The S-Corp's creditors with personal guarantees in your name may proceed against you individually. If you do not settle or have other valid defenses, it is possible that they will obtain a judgment and put a lien on your home and attempt to foreclose the lien and so forth.
My colleague stated it very well. That is why some creditors require the personal guarantee.
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