What can happen if a corporation loan is charged off & I am a personal guarantur?

My husband & I were officers of a corp. that went under to no fault of ours. We dissolved the corp. 10 years ago but continued to pay on a business line of credit because we personally guaranteed it. After 10 years, we are now in our 60's and on social security and cannot afford to pay anymore. We sold our house in NY & moved to FL and have a mobile home in a 55+ community. We stopped paying in July & now the bank wants collection. The bank did not know that the business was dissolved (legally, I might add). If it is charged off, can they issue a judgment on our personal belongings? Will it be recorded on our personal credit reports? ( has not up to now). I am still willing to sent a monthly amount, if need, but it will not be as much as original agreement. Please advise.