The William Jefferson Chronicles

Former Rep. William Jefferson $7.1 million in debt
By Tim Morris, The Times-Picayune
September 11, 2009, 5:31PM

Former New Orleans Congressman William Jefferson, 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 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, a Democrat, 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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