I’ve been working in a business/legal job for past 10 years. Military veteran. Recently rated 100% total and permanent.
Currently making $100K + get the VA 100% compensation.
I have a house bought last year bought with VA loan.
I have a dependent, and pay child support.
My disability is causing me hardship in my job and I am severely underperforming and despite various care paths, I don’t see it improving.
I can’t just quit because over the last 10 years I unfortunately racked up some debt.
$27K in CC’s
$27K on two personal loans
$69K for a home improvement loan
$35K for vehicle note
$217K on home loan
Now, with my current income, accompanied with the improvement to VA 100% I’m making great progress on getting debts paid down following the usual advice. But with facing likely job loss, not sure what to do.
I’m aware that Veterans who are 100% T&P get expedited services for SSDI, but it can still be a painful process to get approved. And if I were at max, I’d only be getting 50% of current income + the VA comp. Which means I’d have a major shortfall.
That being said, I have a 401K with $27K in it. And an HSA with $4K in it.
Also, a person I know who is in home lending recently reached out about doing a cash out refinance as the home I have has had significant equity growth. Can potentially get $30K out of it after closing.
What do y’all think I can/should do here?
The job less is inevitable, a matter of when, not if.
I’m not incapable of work, just very limited in what I can do going forward. I need something that doesn’t require a lot of physical labor, and isn’t reliant on high degree of critical thinking/memorization.
Thanks in advance. I’ll try and answer questions as quickly as possible.
If you’re on disability can you actually work? I thought there was a 2k cap on assets.
How are your computer and customer service skills.
Sounds like you need a 100% WFH job.
Do you have MS? I also have ms. If you haven’t used your gi bill I would look into that. You can get an additional 12 months even if you have used your 36 months. You could use chapter 31. See if your employer offers long term disability that will help. Also there are certain life insurance policy’s that will pay out like half the policy if you become disabled. So if you get a 500k policy half of it gets paid to you when you lose function. That would go a long way to paying your debt. Also the va has occupational counselors that should be able to help you out but probably not to what your making now. Not sure what your time line is but maybe sell your property pay off some debt and then use your va loan to buy a multi family. My two tenants pay 95% of my mortgage.
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