KSLA News 12 Shreveport, Louisiana |Former La. congressman reports $7.1M debt
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Associated Press - September 11, 2009 6:04 PM ET
NEW ORLEANS (AP) - A former Louisiana congressman who filed for Chapter 7 bankruptcy liquidation following his federal corruption convictions says he and his wife have about $7.1 million in debt and roughly $2 million in assets.
A bankruptcy court filing Friday for former U.S. Rep. William Jefferson and his wife, Andrea, says that he owes about $5.7 million to the law firm that defended him against charges he used his influence to broker business deals in Africa.
Jefferson was convicted Aug. 5 on 11 of 16 counts he faced. A federal jury in Virginia also ruled Jefferson must forfeit roughly $470,000 in bribery receipts.
In Chapter 7 liquidation, a debtor's property is sold and proceeds are distributed to creditors. Some property may be exempted from the sale.
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