William Jefferson Files For Bankruptcy

NEW ORLEANS — A former Louisiana congressman convicted of corruption after federal agents found cash in his freezer has filed for Chapter 7 bankruptcy liquidation.

The bankruptcy petition filed last week by former Rep. William Jefferson and his wife, Andrea, says they owe between $1 million and $10 million to fewer than 50 creditors. The filing also lists their estimated assets as ranging between $1 million and $10 million.

In Chapter 7 liquidation, a debtor's property is sold and proceeds are distributed to creditors. Some property may be exempted from the sale.

Jefferson was convicted Aug. 5 on 11 of 16 federal counts for using his influence to broker business deals in Africa. A jury in Virginia also ruled Jefferson must forfeit roughly $470,000 in bribery receipts.

Comments

[bannorhill]

Not enough cold hard cash?

Or were his assets frozen?

[filo]

I figured someone would beat me to that. LOL

[WendellPerrySociety]

How did he qualify to file a Chapter 7.

[FreidaPeeple]

Charlie Rangel....­COME ON DOWN!!!!

[Lemmy]

We could only hope. Charlie's loaded, although he kind of forgets about all of his assets.

[vippy]

What do they always preach to us "live within your means." Good riddance. We need to set higher
standards. None of the incumbents deserve to be in office, for their bad decisions got us into this horrible mess. Let us vote them all out, regardless of party, then hold them to their 4 year term limit!
It is up to you and me!!!!!

[Poboy]

Bribery is not legal in the U.S.

Is not and never was.

One down and 534 to go.

[Paul Peete - Huffpost Blogger]

Good, that he got taken down. He's just a petty thief in the kickback and bribery game. John McCain has a much more sophisticated quid pro quo machine that made Jefferson look like the small fry he was. Remember how McCain declared we are all Georgians, you ought to see what that netted him in payments to his campaign. The list of his crimes stretches from Keating til last year.

[DannyGee]

record time for a liberal "red herring".

Our guy is OK because he's not as bad as your guy.

Own up or get out.

[roald]

He did; reread the first line, "Good, that he got taken down."

Felonies and hypocrisy (felony if the speaker had had his way) are intolerable actions for anyone in the public trust.

[oldguydude]

If McCain has committed all these "crimes", then where is Holder on conducting an investigation of McCain?

Are you prepared to call Holder a coward?

[Lemmy]

Great reply!

[doctorj2u]

The feds have done a great job getting this wesal. Now they need to get Mark Morial and I will REALLY love them.

[hawk22]

If traficant and Jefferson were republicans they would be the lead story instead of buried at the bottom of the page. Blago won't be far behind Jefferson i hope. Maybe he will take someone from the BO admin down with him.

[DannyGee]

So true. Apparently left and right wing idealogues can only see the hypocrisy across the aisle.

[eahce]

What no more stash in the freezer?

[Bystander]

Better check to make sure this crook hasn't stashed away money to avoid Chapter 7 confiscation.

[KarateKid]

Better check to see your panties aren't all bunched up.

[newTheory]

In Chapter 7 liquidation, a debtor's property is sold and proceeds are distributed to creditors. Some property may be exempted from the sale. It was reported that one of the items being sought to be excluded is a Kenmore 7.2 cu. ft. Chest Freezer.

[iBlog4Food]

hahaha

[RightWingMarine]

good!

[vern50]

Where is all the money he, his brother Mose, sister the judge, sister the assessor, and niece stole from the citizens of New Orleans???????? They have all been convicted, his 5 daughters educated at Ivy league colleges (at taxpayer expense??), and wife is still on the state of La.'s higher education payroll. And, they claim they are broke????? I think not. It is the citizens of New Orleans who are broke and who have been screwed by this selfish jerk.

IRS, FBI, anyone else, can you force them to make restitution?