341 today - What happens next?

[got2btru]

We have our meeting with the trustee today. We are going for Chapter 7 but there is a possibility it will convert to a Chapter 13. How long will it take to know this? Our trustee had some questions already, which we've answered.

What happens after the 341? All we are really concerned with is our 2nd home which we are not reaffirming. (It's been for sale for 2 years and about 100,000 less than we owe now). We filed because IL is a deficiency judgement state and did not want the chance that in the future when the banks get their act together that they would come after us.

How long after the 341 is it FINISHED? Just want to be moving on with life...

[tobee43]

i understand your situation....we came from a deficiency state as well and had owned property...so we also had to file as our foreclose and the possibility on a deficiency was most likely about 500%!

in our state there are also NO caps on FEEs associated with foreclosure and so they have been known to be in excess of 50k-100k...so that on top of an "unknown" deficiency could have really left us out in the cold we had no choice other than to file.

the trustee apparently either thinks there are too many assets or maybe too much income...it's difficult to tell why there is a red flag with your situation by what you posted...it may be that you have 2 homes and the trustee is reviewing whether it is feasible to sell one to pay your creditors....i'm purely speculating ...but that may be an example for you...your atty should know by know what the problem may be.