"Preferential Payment Bankruptcy"

When a business files for bankruptcy, its creditors are typically divided into two categories: secured and unsecured. Secured creditors have collateral backing up their loans, while unsecured creditors do not. In a preferential payment bankruptcy, certain unsecured creditors are given priority over others. This can happen if the debtor has made payments to them within 90 days of filing for bankruptcy. Preferential payments can also be made to insiders, such as family members or business partners. This type of bankruptcy is also known as "preferential treatment bankruptcy.

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