How 11 U.S.C. § 547 applies in Iowa — federal bankruptcy law, Iowa district data.
If you paid a creditor more than $600 in the 90 days before filing (or 1 year for insider transfers), the trustee may "avoid" that payment as a preferential transfer and recover the money for distribution to all creditors equally. This rule protects the fundamental bankruptcy principle of equitable distribution.
Districts covered: N.D. Iowa, S.D. Iowa.
The rules above are federal — they apply identically in every state. What varies by state is exemptions (§522), median income thresholds (means test), and case-law interpretations of ambiguous terms. For a Iowa-specific answer, check the screener or consult a local attorney.
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