My question involves bankruptcy in the state of: Texas
That is where the company is based out of. This company sold precious metal bullion and allowed users to store the metal free of charge. I assumed this was paid for by the marketplace they created for their customer base where they could buy/sell their stored bullion for a small fee. At any time one could request a product draw.
So I purchased 1 oz of gold and 100 oz of silver in January of this year. I had over time bought 250 oz of silver a few years prior and had no issues getting it shipped. Well in July I received an email indicating they were going through bankruptcy. So I decided to initiate a product draw. I had paid for this 6+ months prior in full.
It's November, nothing. Received a few emails over time to file a claim. I did so, as a secured creditor. I'm not sure if that is my proper categorization but it seemed the most fitting as I purchased product and don't have it. I submitted printouts of my orders and the results of an online transaction search of my bank accounts with filters that limited the results to my two transactions with the company as supporting documentation.
This normal? Paying for something and not getting anything? What is the most likely outcome? Receive some fraction of the value of what I bought? I don't understand how I'm even a creditor if I purchased product.

