(1) The person liable to make compensation in accordance with the provisions of this Chapter may petition the court for a reduction in the amount of compensation, if the damages were caused neither intentionally nor by gross negligence, and such payments of compensation shall be a severe hardship to his or her livelihood.
(2) The court may, if the petition mentioned in paragraph (1) has been filed, reduce the amount of compensation after a study of the claimant's and obligor's respective financial situations and the cause giving rise to the damages.