Eliminating Business Debt can be just as difficult, if not more so, than personal debt. Typically with business debt, both the business with it's Tax ID Number (TIN) and the individual business owner with their Social Security Number (SSN) are each borrowers or coborrowers on the debt. The creditor now has two legal entities to collect from, sue, etc., which makes business debt different and more tricky than personal debt in many ways. However there are certainly options available to you as a business owner or guarantor on the debt.
Disputing the validity of the debt and requesting verification or validation of the debt is still applicable with a business debt. There is nothing stopping a business owner from demanding the creditor provide a number of documents and information to "prove" the debt is valid, many of these items they do not typically have in their possession to provide.
Some things we demand from creditors include:
1. A copy of the signed contract giving rise to the debt;
2. An accounting of the debt (all charges including interest);
3. A statement by a witness with "personal knowledge" to validate the above items;
4. Necessary Disclosures.

As you might imagine, it's difficult, and often impossible for a creditor to provide all the items we request. Even just a copy of a signed contract is often "lost" or "not available" and the creditor attempts to sidestep the most basic requirement of a "breach of contract." Without a contract, it's pretty hard to maintain a breach of contract case against anyone, and the whole thing comes unraveled.

If you are struggling with personal or business debt, McFarlin LLP can help. We have approximately 20 years of experience dealing with creditors and eliminating debt. We've helped thousands of individuals and businesses eliminate millions in debt, and we'd be happy to help you.

Call or contact us through our website to set up a free case evaluation.

McFarlin LLP
4 Park Plaza, Ste 1025
Irvine, CA 92614
(949) 5442640

www.mcfarlinlaw.com