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Describe employer costs by explaining where each dollar of employee compensation is spent.
Preferential Payments
Transactions made before a bankruptcy filing where a debtor gives preferential treatment to certain creditors over others.
Bankruptcy Filing
The formal process by which an individual or entity declares an inability to pay outstanding debts, seeking relief through legal proceedings.
Bankruptcy Trustee
A legally appointed individual responsible for managing the financial affairs of a person or business declared bankrupt, including asset liquidation and disbursing proceeds to creditors.
Chapter 7 Bankruptcy
A process under federal law designed to eliminate unsecured debts and liquidate non-exempt assets to pay creditors.
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