Former Idaho GOP Congressman George Hansen, a convicted felon, will be back in court after filing a Chapter 11 petition to reorganize two of his businesses under the federal bankruptcy code.
The petition, filed with the U.S. Bankruptcy Court in Alexandria, Va., names Hansen and his wife, Constance Hansen, and the businesses George V. Hansen & Associates-Ideal Consultants and Pocatello Copycat.Unsecured claims - totaling almost $8.7 million in personal loans - are attributed to the top 20 creditors. A total of 99 individuals, businesses and churches are listed as creditors in the petition filed Oct. 31.
Under Chapter 11, debts are frozen and the debtor is given time to devise a payment plan, which must win court approval.
During this period, unless a court rules otherwise, Hansen would still own the businesses and control their operations.