As recently reported, Louisiana congressman William Jefferson was convicted of corruption after federal authorities found $90 thousand cash stashed in the freezer at his home.. The former congressman has filed Chapter 7 bankruptcy liquidation.
According to the Associated Press, the petition, which was filed last week, states the former Democratic Rep. and his wife, Andrea, potentially owe $10 million to less than 50 creditors. The filing also lists their assets are worth between an estimated $1 million to $10 million.
In Chapter 7 liquidation, the property of the debtor is sold and proceeds are dispersed among creditors owed.
Jefferson, 62, initially faced 16 corruption charges, but was ultimately convicted on four counts of bribery, three counts of money laundering, three counts of wire fraud and one count of racketeering. He was acquitted of the 5 additional charges including obstruction of justice.