---
kind: "section"
citation: "7 C.F.R. § 761.405"
title: "7"
number: "761.405"
heading: "Application."
url: "https://uscodex.org/cfr/7/761.405"
---

# §761.405. Application.

- (a) 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)](/cfr/7/761.404.md?p=b), each liable party, must submit the following:
  - (1) One completed original debt settlement application on the applicable Agency form signed by all parties liable for the debt;
  - (2) A current financial statement;
  - (3) A cash flow projection for the next production or earnings period;
  - (4) 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;
  - (5) 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;
  - (6) Verification of debts exceeding an amount determined by the Agency;
  - (7) Copies of complete Federal income tax returns for the previous 3 years; and
  - (8) **Any other items requested by the Agency to evaluate the debtor's financial condition.**
- (b) [Reserved]

## Notes

### 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]