Former U.S. Rep. William Jefferson, who was convicted of federal corruption charges this month, has filed for Chapter 7 bankruptcy liquidation. The bankruptcy petition filed last week by Jefferson, D-New Orleans, 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 to $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 counts, including bribery, for using his influence to broker business deals in Africa. A federal jury in Virginia also ruled Jefferson must forfeit roughly $470,000 in bribery receipts. Jefferson is scheduled for sentencing on Oct. 30; he faces more than 20 years in prison under federal sentencing guidelines.
Jefferson files for bankruptcy
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