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.