I had a business and received a line of credit over the phone.Business is closed now and am being asked to repay. Am I personable liable?

If you signed a personal guaranty of a business debt, you are liable.  That assumes the business was incorporated.  If the business was a sole proprietorship, you are liable for any debt as you are the business.  Assuming a corporation, personal liability regarding a corporate debt arises 2 ways: you are jointly liable as is common with credit cards obtained in the corporate name, or you signed a personal guaranty.  Either way, you would be 100% personally liable. When clients are unsure whether they are personally liable, I suggest they ask the creditor for proof of their liability.  Once that is provided, you should explore your options.  There are 3 of them: negotiation, ignore it, bankruptcy.  I would be happy to explain all the options in greater detail on a free initial basis.