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Lil Kim Files for Bankruptcy

According to legal documents obtained by The Blast, the rapper filed for chapter 13 bankruptcy last month and has accumulated more than $4 million in debt. Kim reportedly owes about $2 million on a loan for her home in New Jersey, $186,000 for legal fees, as well as $1,845,451 in back taxes ($1,469,105 in unpaid federal taxes from 2004-2017, and $376,346.74 in unpaid state taxes from 2004-2017).

Kim claims she has a total of $2,573,300 in assets and earns about $18,286 in monthly income—$12,784 of which goes towards expenses. Queen Bee has offered to pay her creditors $5,500 every month for the next five years, and has also proposed to sell her New Jersey home to repay her debts; but according to The Blast, a trustee for the bankruptcy has already opposed her plan.

The docs reveal Kim has made $90,678 in income so far this year. Kim says she made $398k in 2017 and $823,659 in 2016.

A hearing is scheduled for July.

(complex.com)

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Posted on 09 Jun 2018 by LilKimZone

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