Chargeoff.

CFR · 2024-01-01 · US · Title 7

(a) (1) The United States Attorney's file is closed, and (2) The requirements of § 1956.70(b)(2) have been met, or two years have elapsed since any collections were made on the judgment and the debtor(s) has no equity in property on which the judgment is a lien or on which it can presently be made a lien. (b) (1) When the principal balance is $2,000 or less and efforts to collect have (2) When the OGC advises in writing that the claim is legally without merit. (3) Even though FmHA or its successor agency under Public Law 103-354 considers the claim to be valid, when efforts to induce voluntary payments are unsuccessful and the OGC advises in writing that evidence necessary to prove the claim in court cannot be produced, or (4) When the employee in charge of the account recommends the chargeoff and has made the following determinations on the basis of information in FmHA or its successor agency under Public Law 103-354's official files or from other informed reliable sources: (i) That the debtor is: (A) Unable to pay any part of the debt and has no apparent future debt repayment ability as specified in § 1956.66(a); or (B) Able to pay part or all of the debt but is unwilling to do so, it is clear that the Government cannot enforce collection of a significant amount from assets or income, and an opinion is received from OGC to that effect; and (ii) There is no security for the debt. (c) For debts identified as being part of an unsecured claim under a confirmed Chapter 11 plan,

official document · source cfr-2024 · id 7:§ 1956.75