Cancellation.

CFR · 2024-01-01 · US · Title 7

Nonjudgment debts, regardless of the amount, may be cancelled with or without application by the debtor. (a) (1) The servicing official furnishes a favorable recommendation concerning the cancellation, and (2) There is no known security for the debt and the debtor has no other assets from which the debt could be collected, and (3) The debtor is unable to pay any part of the debt and has no reasonable prospect of being able to do so, and (4) The debt or any extension thereof is due and payable under the terms of the note or other instrument, or because of acceleration by written notice prior to the date of application. (b) (1) (2) (i) The sources of information obtained. (ii) That a current effort was made to obtain the debtor's application and the date of such effort. (iii) The specific reasons why it was impossible or impracticable to obtain the signature of the debtor and, if the debtor refused to sign, the reason(s) given. (3) (i) There is no known security, (ii) An administrator or executor has not been appointed to settle the debtor's estate but the financial condition of the estate has been investigated and it has been established that there is no reasonable prospect of recovery, (iii) An administrator or executor has been appointed to settle the estate of the debtor, and (A) A final settlement has been made and confirmed by the probate court and the Government's claim was recognized properly and the Government has received all funds it was entitled to, or (B) A final s

official document · source cfr-2024 · id 7:§ 1956.130