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Involuntary bankruptcy is
a court process by which
a debtor’s creditors
can bring a bankruptcy petition to a federal court to restructure the business of the debtor corporation (Chapter
11), or even liquidate
the debtor corporation’s
assets (chapter 7).
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.
Jason Hommel
Silver Stock
Report
I strongly advise you
to take possession of real gold and silver, at anywhere near
today's price, while you still can. The fundamentals
indicate rising prices for decades to come.
Follow me on facebook!
http://www.facebook.com/jason.hommel
Or Youtube!
http://www.youtube.com/user/bibleprophesy
JH MINT & Coin Shop, Grass Valley, CA
Minimum order $5000, USA shipping only.
Open 10AM to 5PM Pacific Time, Monday to Friday, closed weekends and bank
holidays. (Also Closed from Dec. 25th to Jan 1st)
www.jhmint.com
(530) 273-8175
Kerri handles internet phone orders:
kerri.jhmint@yahoo.com
(530) 273-8822
If we can't fill your
needs, or if our phone lines are too busy, try my mom's shop, located in
Sacramento, CA:
www.momssilvershop.com
(916) 481-5656
mom@momssilvershop.com
You can also buy and
sell silver at auction, online, for only a 1% fee, at:
www.oneoverspot.com
In Portland, Oregon, a new bullion shop opens up, and needs customers!
http://www.goldsilversupply.com/
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