Preferential Payment Bankruptcy
In a preferential payment bankruptcy, certain creditors are given priority over others when it comes to receiving payment. This means that those creditors will be paid first, before other creditors who are not given preferential treatment.
Preferential payment bankruptcy can be used in a number of different ways. For example, it can be used to help protect certain creditors from being left unpaid if the debtor is unable to pay all of their debts. Additionally, preferential payment bankruptcy can also be used as a way to help the debtor reorganize their finances and come up with a plan to repay their debts.
If you are considering filing for preferential payment bankruptcy, it is important to speak with an experienced bankruptcy attorney who can help you understand your rights and options.
The Law Offices of Omar Zambrano has helped thousands of people and businesses in the past to get out of debt and start over.
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