Skip to comments.William Jefferson RAT-La reports $7 million in debts (Billy Jeff to be sentenced Oct 30)
Posted on 09/18/2009 3:59:41 PM PDT by Libloather
Jefferson reports $7 million in debts
$5.7 million is legal debt from case
By Michelle Krupa
Saturday, September 12, 2009
Convicted former U.S. Rep. William Jefferson reported in a bankruptcy court filing Friday that he and his wife have more than $7.1 million in debt, including $5.7 million owed to the law firm that represented him against federal corruption charges.
The Jeffersons reported about $2 million in assets, most of it comprised of family homes in New Orleans and Washington, and a parcel of farmland in East Carroll Parish.
Still, the couple reported that their monthly household income continues to outpace their spending by nearly $5,400.
The former congressman filed for Chapter 7 bankruptcy liquidation following his federal corruption convictions last month on 11 of 16 charges. The Virginia jury also ruled that Jefferson must forfeit roughly $470,000 in bribery receipts.
Under Chapter 7 bankruptcy, all of a debtor's assets are sold to pay creditors in a formula approved by the court. However, some property can be exempt.
The Jeffersons claimed as exempt a number of items, including their wedding rings, furniture, a Labrador retriever, guns, a 1990 Lincoln Town Car, a $380,000 Thrift Savings Plan and $3,791 in monthly benefits from the Federal Employees Retirement System.
The Jeffersons reported that they owe the law firm of Trout Cacheris PLLC more than $5.7 million, perhaps quite a bit more. The filing specified that $5.7 million was due on July 1, the last time they received a bill, and "may not reflect the exact amount owed to date."
In all, the couple reported just more than $6 million of unsecured debt, the portion not owed to lawyers mostly due to credit-card companies and banks. Such debt is not backed by collateral, such as property or another asset.
(Excerpt) Read more at nola.com ...
He can work that off behind bars.
Another “victim” of Katrina. ROTFL!
May I suggest looking in the freezer.
He screwed the taxpayers, yet expects to keep recieving his federal pension.
And he will probably still get it, even while behind bars.
I hope the judge makes an example out of this piece of human excrement.
RATS protect RATS. He will get his pension and out on good behavior in 1 month.
If he ends up a pauper I am satisfied.
The Jeffersons reported that they owe the law firm of Trout Cacheris PLLC more than $5.7 million, perhaps quite a bit more. The filing specified that $5.7 million was due on July 1, the last time they received a bill, and “may not reflect the exact amount owed to date.”
Something does not make sense here, as in other situations involving DemoRat politicans (C Rangel, D-NY). Is this law firm, Trout Cahceris simply going to write off $5.7 million as a “bad debt”? I cannot beleive that this law firm kept on representing this turd and running up “billable hours”
to the tune of $5.7m.
At some point in time the rational business owner says “enough is enough”. Lawyers are business owners the same as any other service business.
Trout Cahceris had to slide down this slippery slope knowing that even if Jefferson filed bankruptcy, they would eventually receive a check, $5.7, for the legal services rendered.
There is someone here on FR who can explain the inside dynamics of how this can occur. Will look forward to an insider explanation.
How does he get Chapter 7 bankruptcy, when you I would 13?