Does a bank loan count as disability income?

Answers:1   |   LastUpdateAt:2012-09-23 07:36:03  

Asked at 2012-08-02 19:47:02
I need to pay state property taxes and am on disability/food stamps/energy assistance. Will taking out a loan against my life insurance or a bank loan affect my social security disability benefits or food stamp amount? Does a loan count as income, it's being repaid monthly? any links to official documents would be great...I can only locate online info on (Supplemental) SSI, not disability
Answer1Ally PetehbridgeAnswered at 2012-09-23 07:36:03
Can not find anything online , because it is an easy question . Income is what you take home is yours. A loan is not yours . Therefore, it is never income. MedlinePlus MedlinePlus Also, you can think this way ... if you have some income , then you could put it in a bank account . That's an advantage . That could affect your benefits . You can buy a car . That's an advantage . It could affect your benefits . MedlinePlus MedlinePlus If you take a loan and buy a car , then who owns the car? For starters ... the bank . So basically , a loan is not an asset . MedlinePlus is a responsibility . MedlinePlus Liabilities not affect your benefits . They are not income because you owe money at the end .
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