Does a Dealer owe you Silver?
(Consider filing Involuntary Bankruptcy!)
Silver Stock Report
by Jason Hommel & Cody Roberts, May 10th, 2011, Grass Valley, CA
Consider: The Feds would generally like any excuse to liquidate the assets of a deadbeat especially a bullion dealer.
One cannot bring an involuntary bankruptcy proceeding against a bank, insurance company, or stock/commodities broker.
Section 303 of the Bankruptcy Code requires only the following:
1. To file an involuntary bankruptcy proceeding under Chapter 7 or Chapter 11, the target company (or individual) must owe at least $13,475 in unsecured debt - THAT'S ALL!!! This amount is indexed and will increase from year to year, but for 2011, that's the number.
2. If there are at least 12 unsecured creditors, then at least three (3) must join in the petition. If there are fewer than twelve creditors, then a single creditor is all that is required.
3. The unsecured creditors joining in the bankruptcy petition must have a claim that is not EITHER (A) "contingent as to liability"; or (B) "the subject of bona fide dispute". If you have ordered silver from a firm, and there's been no dispute about your order, you're probably qualified to file, even if you don't have a judgment yet.
4. There must be appropriate indications of financial distress as demonstrated by one of two ways, the pertinent one being the debtor company is not paying bona fide debts as they come due. In other words, if your order is late, you can file.
In step 3 we see that there must not be a “dispute” of the debt. When the company agrees with you that they owe you money, there is no dispute, and you can file. If the amount of the debt is in dispute then parties must sue in a personal injury claim. If after the suit the debtor is still not paying, then involuntary bankruptcy may be a remedy.
The only remedy in Federal Court is a judgement in the form of Federal Reserve Notes. Plus, you may also be able to recover attorney's fees, and punative damages.
As with any lawsuit, a legal case can get very complex and can have many issues that one does not expect. One should always consult an attorney before committing to legal actions.
In fact, it may only be necessary to have an attorney draft a letter of your intent to file involuntary bankruptcy, to inspire prompt payment to you.
Do you need to find other creditors of your bullion dealer? No problem. We can help. If you are interested in providing your information to allow other potential creditors of a bullion dealer to contact you, contact email@example.com
Or, next time, try ordering silver from a dealer who has it in stock. To see what we have in stock, visit our price board, and see our column heading, "# on hand" at www.jhmint.com
I strongly advise you to take possession of real gold and silver, at anywhere near today's prices, while you still can. The fundamentals indicate rising prices for decades to come, and a major price spike can happen at any time.
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