Financial Tunes

What types of items are considered an asset when applying for disability?

I need to apply for disability due to a mental disorder. I am making payments on a car which I owe more than it's worth, and I have a couple of laptops. Other than that I have nothing of value besides cheap furniture, and clothes. What is considered an asset when applying for disability? What do I need to claim or let them know about? Should I transfer the car into a different person's name so I don't lose it? Any help would be much appreciated. Thank you.

Public Comments

1. Anything you can sell to make money off of.
2. sure transfer it....then you can go to jail....
3. house, 1 car and personal belongings - nothing else the laptops are personal they will be OK if you have 2 cars you may be required to get rid of one of them. anything in the bank, like savings, shares, bonds, retirement accounts etc, etc OFTEN must be used up first before you can get disability - they want you to be POOR in order to get disability BTDT
4. I think when they talk about "assets" in these circumstances, they're really looking at property and healthy bank accounts..an old car and a couple of laptops aren't going to disqualify you - I don't think you need even mention the laptops as they are personal possessions. the car isn't going to disqualify you as you don't even own it outright yet.
5. Disability does not count your assets. It is based only on what your doctor signs is your disability and in California it is good for a year. Your own assets or income only matter because your disability award is based on your salary. We are talking about state disability. If you mean, social security disability, your income and assets have no effect on your claim. But it can take longer to settle this type of claim. If you are talking about private disability insurance or government employee disability insurance I cannot answer that.