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]