☩ SOTERIAN GLOSSARY ☩

Living Language Lexicon of the Soteria Covenant

Preference (Bankruptcy Detail)

A payment to a creditor within 90 days before bankruptcy (one year for insiders) that gives the creditor more than they would receive in a Chapter 7 liquidation — avoidable by the trustee.

Category: Bankruptcy · Source: 11 U.S.C. §547
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