What happens when you can't pay your small business loan?

I am looking to form an LLC to buy an existing business. I am looking to secure a loan. My biggest fear, as anyone's would be, if the business fails, what happens to the loan? Its a retail business so there will be ets that can be sold but what if its not enough? can they come after my personal ets? Even if they are not put up as collatteral? also, will my personal credit history be ruined if my LLC goes bankrupt and defaults on a loan?