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    #1

    Do I have to list it?

    Is a VA disability income considered income for purposes of bankrupsy? It isn't taxed so on a tax return taxable income is counted as your gross income. My VA disability would make me go over my state's Gross Income requirement and places me in the Chapter 13 group. If it is not considered income then I could take the chapter 7 bankrupsy.

    Does anyone know the answer?
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    #2
    Check your states exemptions. Most states exempt VA disability benefits. I am not sure, so maybe someone can come along and give their opinion, but I don't think you would list it as income, you would list is as an exempted asset.
    "Try to save money. Someday it may be valuable again." - Anonymous

    Comment

      #3
      A similar issue was discussed in this thread:

      http://bkforum.com/showthread.php?t=...ght=disability

      HHM explains BK Income in Post #7.
      Filed Ch 7 - 09/06
      Discharged - 12/2006
      Officially Declared No Asset - 03/2007
      Closed - 04/2007

      I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

      Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

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