I verbally via email agreed to personally guarantee this debt, Is that enforceable as a formal personal guaranty in court ?

A: The promise to guarantee the debt of another (even another business) must be in writing. However, email is a writing. If you agreed to personally guarantee the debt before the loan was made, via an email, then assuming that the lender can prove that the email actually was sent by you (not tremendously difficult, but sometimes harder than it might initially appear), then that Personal Guarantee is enforceable in court.

I'm assuming worst comes to worst if i file chapter 7 that would relieve me from that personal guaranty on a corporate debt?

A: Correct.

Plus there is no formal Promissory Note it was mainly a handshake loan, there is no documentation.

A: Apparently, there is an email, and that's documentation.

Is the creditor allowed to charge 283 dollars a day in interest on the principal balance?

A: The maximum personal loan rate in Connecticut is 12%. On $65,000, that's about $21 per day. Loans by licensed commercial lenders and business loans can exceed the "usury" interest rate. However, it depends on the provable terms. I believe a court would be reluctant to accept that you and the lender agreed to a rate of 159% per year, which is what $283 works out to, approximately.

I want to know if i filed chapter 11 for the business and reorganized, would I be personally liable for this debt sine he is a unsecured creditor but i verbally via email gave personal guaranty is that enforceable?

A: If the loan terms are proved, then you may be liable, though I seriously doubt that the 159% per year rate would be found enforceable. Courts can refuse to enforce a Contract term or condition that is "shockingly unfair" (legally termed, "unconscionable").

Chapter 11 is extremely costly. It's probably not worth it. You may be better off filing Chapter 7, closing down the existing business and starting a new one under a new corporate filing.

Hope this helps.

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