I wasnt able to post pics at the time I was needing this information, that would be why I gave the exact name and model of the bike. I decided to take the bike first thing this a.m. to my LBS. I asked for a tune up and explained to them the problem regarding the chain guard. The bottom bracket did have to be removed to take off the chain guard. The tune up took care of all problems. Come to find out, the bike has a Torpedo Duomatic rear hub. And as far as changing out cranks, forks, chain ring etc. in the future, Im good to go, there is compatible items.
Thanks for the reply.