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72 FR 63285, Nov. 8, 2007, unless otherwise noted.
85 FR 36691, June 17, 2020, unless otherwise noted.
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(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), 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]
[85 FR 36691, June 17, 2020, as amended at 86 FR 43391, Aug. 9, 2021]