{"data":{"id":"us/7-cfr-761.405","jurisdiction":"us","citation":"7 CFR 761.405","heading":"Application.","body":"(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:\n(1) One completed original debt settlement application on the applicable Agency form signed by all parties liable for the debt;\n(2) A current financial statement;\n(3) A cash flow projection for the next production or earnings period;\n(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;\n(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;\n(6) Verification of debts exceeding an amount determined by the Agency;\n(7) Copies of complete Federal income tax returns for the previous 3 years; and\n(8) Any other items requested by the Agency to evaluate the debtor's financial condition.\n(b) [Reserved]","path":["Title 7—Agriculture","Subtitle B—Regulations of the Department of Agriculture","CHAPTER VII—FARM SERVICE AGENCY, DEPARTMENT OF AGRICULTURE","SUBCHAPTER D—SPECIAL PROGRAMS","PART 761—FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION","Subpart F—Farm Loan Programs Debt Settlement"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-7.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:24:01Z","sha256":"da3822ef7901265aa21f56f15927a7dc0cd829105a333d9e6ffc56e41bd1456a","source_id":"us-cfr","stale":true,"prev":"us/7-cfr-761.404","next":"us/7-cfr-761.406"},"notice":"GroundRules: Original legal text. Not legal advice."}