§761.405. Application.
7 C.F.R. § 761.405
A borrower requesting debt settlement must submit complete and accurate information from which the Agency can make a full determination of the borrower's financial circumstances and repayment ability. Except for the situations listed in § 761.404(b), each liable party, must submit the following:
One completed original debt settlement application on the applicable Agency form signed by all parties liable for the debt;
A current financial statement;
A cash flow projection for the next production or earnings period;
Verification of employment or other earned income, including verification of a nondebtor spouse's income which will be included as available to pay family living expenses;
Verification of assets including, but not limited to, cash, checking accounts, savings accounts, certificates of deposit, individual retirement accounts, retirement and pension funds, mutual funds, stocks, bonds, and accounts receivable;
Verification of debts exceeding an amount determined by the Agency;
Copies of complete Federal income tax returns for the previous 3 years; and
Any other items requested by the Agency to evaluate the debtor's financial condition.
[Reserved]
Notes, amendments, and revision history
Amendments
[85 FR 36691, June 17, 2020, as amended at 86 FR 43391, Aug. 9, 2021]
Source
Source: 85 FR 36691, June 17, 2020, unless otherwise noted.
Authority
Authority: 5 U.S.C. 301 and 7 U.S.C. 1989.
Source
Source: 72 FR 63285, Nov. 8, 2007, unless otherwise noted.
Amendments
[85 FR 36691, June 17, 2020, as amended at 86 FR 43391, Aug. 9, 2021]