Former congressman William Jefferson files for bankruptcy, awaits sentencing

Former congressman William Jefferson filed for bankruptcy in Louisiana courts last Thursday.

Chapter-seven bankruptcy means Jefferson has more debt then actual assets.

Jefferson's wife Andrea Jefferson is also listed on the bankruptcy filing with him.
In the paper work, Jefferson says he has twenty creditors who he owes money to, several banks and major credit card companies are listed, as well as the law firm of his attorney, Robert Trout.

Jefferson lists his over-all assets - stocks, cash, homes and cars - between 1-10 million dollars and says in the court filing he has estimated liabilities or debt totaling somewhere between 1-10 million dollars.

Chapter-seven bankruptcy means that some of Jefferson assets could eventually be liquidated.

Jefferson's daughter, Jalila Jefferson-Bullock, is representing him in this case.

Earlier this month, Jefferson was found guilty of bribery, depriving citizens of honest services and racketeering.

He was ordered to pay the government more than $400,000.

Jefferson will be sentenced in October - legal analysts say he could spend twenty years in jail.