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Simple English definitions for legal terms

voidable preference

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A quick definition of voidable preference:

A voidable preference is a transfer of property made by a debtor to a creditor before filing for bankruptcy. This transfer allows the creditor to receive more than their fair share of the debtor's assets. If the transfer occurs within 90 days before filing for bankruptcy, or within one year if the creditor is an insider, the bankruptcy trustee may recover the preferential transfer for the benefit of the bankruptcy estate. This is also known as a preferential transfer or voidable transfer.

A more thorough explanation:

A voidable preference is a type of preferential transfer made by an insolvent debtor to a creditor before filing for bankruptcy. This transfer allows the creditor to receive more than their fair share of the debtor's assets. Specifically, it refers to a transfer of property interest made for the benefit of a creditor who is owed on an earlier debt, occurring no more than 90 days before the bankruptcy petition is filed or within one year if the creditor is an insider.

For example, if a debtor owes $10,000 to Creditor A and $5,000 to Creditor B, but transfers $6,000 to Creditor B within 90 days before filing for bankruptcy, this transfer is considered a voidable preference. Creditor B would receive more than their fair share of the debtor's assets, and the bankruptcy trustee may recover this transfer for the benefit of the bankruptcy estate.

Voidable preferences are also known as preferential transfers, voidable transfers, or preferential assignments. They are different from fraudulent conveyances, which involve intentional transfers made to defraud creditors.

voidable judgment | voidable process

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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