What is a hardship plan?

A hardship plan is a type of Consumer Debt Defense Law in Florida designed to help borrowers dealing with financial hardship. It is a payment plan in which debt payments are reduced or suspended in order to allow the borrower to catch up on their debt. It may also provide a reduction in the debt that is owed. A hardship plan can be a great help for borrowers who are having difficulty making their payments. It allows them to restructure their payments into smaller, more manageable amounts. It also can reduce the total amount of the debt the borrower owes. In order to qualify for a hardship plan, borrowers must prove their financial hardship. This may include providing evidence of income, expenses, and other financial information. Once approved, the borrower can make smaller payments over a longer period of time. Borrowers should remember that the purpose of a hardship plan is to provide temporary relief, not a permanent solution to debt. Borrowers should consider their options carefully before entering into a hardship plan and make sure it is the best option for their particular situation. Additionally, lenders may require additional documents to be submitted in order for the plan to be accepted.

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What is a hardship plan?

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