1. What is a preference under the bankruptcy code? What time period is reviewed to determine if a preference has occurred? When does a long-term debt payment to a bank qualify under the ordinary course of business exception?
2. Several commentators have criticized the Bankruptcy Code as too easily excusing individuals and businesses from honoring their lawful obligations. From a societal standpoint, do you believe that the Bankruptcy Code plays a positive role in social and economic relationships? What changes, if any, would you recommend?
When answering the questions, make sure that you support your responses with facts, laws. Also, make sure that you are using APA citations in your responses.