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West Virginia Income Maintenance Manual Chapter 5

West Virginia Income Maintenance Manual Page 40 Chapter 5 Assets

5.5.29 LOANS, NON-EDUCATIONALS SNAP: Loans for which there is a verbal or written agreement to repay are excluded. AFDC-Related Medicaid: • Loans that meet the definition of Bona Fide loans, as found in Chapter 4, are excluded as assets. • When an individual holds a loan as a creditor, the outstanding balance of principal payments is an asset unless there is a legal bar to the sale of the loan agreement. WV WORKS: • Loans are normally counted as income. However, when a loan is excluded from consideration as income and has not been used for the intended purpose within three months of the date the money is received, the funds remaining at the end of three months are counted as an asset. The remaining amount of a loan that was counted as income in the month of receipt becomes an asset in the month following the month of receipt. • When an individual holds a loan as a creditor, the outstanding balance of principal payments is an asset unless there is a legal bar to the sale of the loan agreement. SSI Medicaid Groups: • Loans received under conditions that preclude their use for living expenses are excluded. • When an individual holds a loan as a creditor, the outstanding balance of principal payments is an asset unless there is a legal bar to the sale of the loan agreement. 5.5.30 LUMP-SUM PAYMENTS Lump-sum payments are not counted as assets when counted as income. SNAP WVW, AFDC-Related SSI Groups Yes* Yes* Yes* SNAP WVW, AFDC-Related SSI Groups Yes* No* No*