Living with a disability means managing all kinds of hassles and uncertainties. If you are having a good day or a good week, you try to be as productive as you can because you never know when your symptoms will get bad again, but at the same time, you do not want to push yourself so hard that your symptoms return. You advocate for yourself so that you can get reasonable accommodations at work, but you work extra hard at your job out of fear that your employer will resent you for the time and money they spent making accommodations for you. Finances are a balancing act, too. 

Work gives you financial independence and a sense of social connectedness, but if your income goes too high, you could risk losing some of your public benefits, where income is an eligibility criterion.  People with disabilities, even those who have employment income, are some of the most financially vulnerable people in society, but the A Better Life Experience (ABLE) Act provides some financial protection. If some currently pending bills become law, the ABLE Act will expand its reach. If you have a disability and are struggling with debt even though you are in the workforce, contact an Oakland lawsuits, collections, and creditor harassment lawyer.

What are the Proposed Changes to the ABLE Act?

The ABLE Act provides interest-bearing bank accounts for adults who were diagnosed with a disability before age 26. ABLE accounts are exempt assets when calculating the value of a person’s assets for purposes of eligibility for government benefits. Today, approximately 171,000 people have ABLE accounts, and the average account balance is $11,000.  In an age where most people cannot afford an unexpected $400 expense, ABLE accounts are a major source of financial strength.

This year, lawmakers are considering the following changes to the ABLE Act:

• Allowing people who were diagnosed with a disability any time before age 46 to open an ABLE account
• Making it possible for employers and government benefit programs to deposit money directly into beneficiaries’ accounts so that the beneficiaries can access the money sooner, and more interest can accrue
• Providing funding to state and local agencies to publicize ABLE accounts
• Requiring government benefit programs for people with disability to notify newly enrolled beneficiaries about the availability of ABLE accounts and how to sign up for one

If your debts have been piling up since you received a diagnosis of a disability in adulthood, you should have a long conversation about your finances with a debt relief lawyer.  You can find out what kinds of asset protection you can get from an ABLE account and how to cope with your reduced income earning potential in the long term.

Contact the Law Office of Melanie Tavare About Debt Relief for Working Adults With Disabilities

A debt relief lawyer can help you if debts and chronic health issues are creating a perfect storm for emotional and financial stress.  Contact the Law Office of Melanie Tavare in Oakland, California, or call (510)255-4646 for a case evaluation.