hi from Chiangmai
I have a friend undergoing severe anxiety and depression brought on by a couple of poor decisions made much worse by the world economy.
He is incapable of thinking clearly for himself right now and I am trying my best to understand his affairs.
He has a small business of 20 years in the US employing eight people. He manages to live here in Thailand about half the time and the bad decisions were here making him more dependent on his core business at home. In the recession he says it is suffering badly (it supplies high-end foodstuffs), he says it is not breaking even now, and he is very concerned it will go under. From there he is fearful that his US property payments, fine for many years, will get behind resulting in foreclosure at fire sale prices and leaving him with no home.
Comments wlecome on the above but here is the bit I am most interested to learn about:
He is worried that his 401K is vulnerable as a source of prospective debt repayment to debtors.
I asked him what sort of company it was, whether it had limited liabilities, but he seemed to think he was vulnerable. I would like to know the facts as he is thinking extremely negatively.
It would be a great boon if I could tell him that at least his lowest ebb would be a state pension plus the (several hundred thousand) in his 401k.
So....can a 401K be sequestered by a court to repay debts?
thanks v much on his behalf....he's a very nice generous man going through an illness and needs help