Ex-lawmaker in freezer cash case files bankruptcy

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

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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.

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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.