/ˈprɛf(ə)rəns/ – Noun
Definition: 1. sở thích, sự ưa thích hơn, sự ưa chuộng hơn, quyền ưu tiên;
2. việc đưa ra, việc tuyên bố.
A more thorough explanation: In legal terms, “preference” refers to a debtor’s transfer of property or payment to a creditor that gives the creditor more than they would receive in a bankruptcy proceeding. This transfer or payment is made within a certain period before the debtor files for bankruptcy, and it may be considered a preference if it allows the creditor to receive more than they would in a bankruptcy distribution. Such preferences may be subject to avoidance or recovery by the bankruptcy trustee.
Example: The court will consider the child’s preference when determining custody arrangements.