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Jake, if you have not yet done so, start a dispute through Paypal today because after a certain amount of time you can no longer open a dispute. If you can escalate it immediately, do so. Whatever you do do not close the dispute before you have money in hand, once closed it cannot be reopened ordinarily.
It does not matter whether he has money if you win the dispute, PayPal will refund you and then go after him for reimbursement.
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