7 CFR § 761.405 - Application.

---
identifier: "/us/cfr/t7/s761.405"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "7 CFR § 761.405 - Application."
title_number: 7
title_name: "Agriculture"
section_number: "761.405"
section_name: "Application."
chapter_name: "FARM SERVICE AGENCY, DEPARTMENT OF AGRICULTURE"
subchapter_number: "D"
subchapter_name: "SPECIAL PROGRAMS"
part_number: "761"
part_name: "FARM LOAN PROGRAMS; GENERAL PROGRAM ADMINISTRATION"
positive_law: false
currency: "2026-03-24"
last_updated: "2026-03-24"
format_version: "1.1.0"
generator: "[email protected]"
authority: "5 U.S.C. 301 and 7 U.S.C. 1989."
regulatory_source: "72 FR 63285, Nov. 8, 2007, unless otherwise noted."
cfr_part: "761"
---


# 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), 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]