31 CFR 29.524 - Financial hardship.
Financial hardship may be deemed to exist when the debtor needs substantially all of his or her current and anticipated income and liquid assets to meet current and anticipated ordinary and necessary living expenses during the projected period of collection. Financial hardship will not be found to exist when the debtor merely establishes that the repayment causes a financial burden, i.e., when it is inconvenient to repay the debt. If there are anticipated changes in income or expenses that would allow for the recovery of the overpayment at a later date, the Department may suspend collection action until a future date.
(a) Considerations. Pertinent considerations in determining whether recovery would cause financial hardship include the following:
Title 31 published on 2014-07-01.
No entries appear in the Federal Register after this date, for 31 CFR Part 29.