Letter P
bankruptcy
Preference
A payment or transfer made to a creditor within 90 days before bankruptcy filing (or one year for insiders) that gives that creditor more than it would have received in a Chapter 7 liquidation.
Related terms
More legal terms starting with P
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This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.