logo

Lil' Kim reportedly files for bakruptcy, facing $4 million debt

Claudine Varela
Jun 11, 2018
11:21 A.M.

The rapper is reportedly in a financial hole due to an unpaid home loan, overdue taxes and unsettled legal bills.

Advertisement

Lil Kim is owning up to her financial woes and has reportedly admitted to being bankrupt with an intention to settle her $4 million debt with a 60-month payment plan.

The rapper’s money problems were first revealed by The Blast after it was discovered that the singer filed for bankruptcy last month and is working at selling her New Jersey mansion to pay for her debts.

Advertisement

As per court documents the publication obtained, the artist born Kimberly Denise Jones filed for Chapter 13 bankruptcy in May with liabilities amounting to $4,084,841.60. She disclosed her total assets amounting to $2,573,300 and also claimed she owed $1,845,451 in back taxes.

In her detailed account of her income and expenses, she revealed her average monthly income of $18,286, $12,784 of which pays for her expenses leaving her with just $5k in savings.

In her list of assets, she included her $2.3 million New Jersey home, a 2000 Mercedes Benz worth $4,200 and a 2005 Bentley Continental GT worth $52,600. Her household furniture, electronics, jewelry and apparel combined were valued at $60,000. She also owns three entertainment companies worth over $150,000.

Last year, her company, Queen Bee Entertainment earned $361,000. In her estimate, the company profits $18,000 a month from its $43,000 monthly income.

Advertisement

Adding to her responsibilities, the 43-year-old lists her 3-year-old daughter Royal Reign who she appears to support solely since she did not mention in her documents that she was receiving any form of child support.

As a form of restitution for her debts, the ‘Lighters Up’ performer has committed to pay her creditors $5,500 in the next 60 months. She also offered to put her New Jersey home on the market. However, the bank’s trustee has objected to her proposal. Thus, she’s set to appear in court next month.

Lil Kim is working on a new album and if all goes well after its release this year, this could also help relieve her of some of her financial obligations.

Advertisement
info
Please fill in your e-mail so we can share with you our top stories!
By subscribing, you agree to our Privacy Policy
Advertisement
Related posts

"I'm Lonely There": Kelly Clarkson's Father-in-Law & Ex Demanded Millions from Her amid 'Nasty' Divorce

October 26, 2023

Tori Spelling Stuck in Debts & Living in Motel with 5 Kids, despite Dad Leaving $600M: What Happened

July 21, 2023

Kevin Costner Worries He 'Could Run Out of Money' as His Ex Claims Divorce Battle Is 'Far from Over'

September 08, 2023

Lil Kim Called Mr. Papers Her Husband in 2021 - A Look inside Their on and off Relationship

August 31, 2023

Kevin Costner's Ex Claims His Wealth Quadrupled during Their Marriage; He Calls Her Requests 'Harassing'

August 25, 2023

Trick Daddy's Kids: The Rapper Mentioned His Daughter & Son in His Autobiography

July 01, 2023

Kevin Costner's Wife Christine Baumgartner Ordered to Move Out of Their House in Less than a Month

July 06, 2023

Halle Berry Finally Divorced & Obligated to Pay Ex: Her Now-Love Is Not Allowed on ‘Family Sessions'

September 01, 2023

Scarlett Johansson’s Mother Couldn’t Afford Her Two-Bedroom Apartment after the Actress Fired Her

July 03, 2023

Tori Spelling Stays at Motel with Her Five Kids While Her Mom Lives in Luxe $47M Penthouse with Bichon Frisé

July 13, 2023

Faith Evans' Spouse: The Singer Remarried Twice after Biggie's Death

July 31, 2023

Amy Ferson Is a Journalist – Facts about TJ Holmes’ 1st Wife & Their Costly Divorce

August 30, 2023

Jim Carrey Is Proud of Daughter Who Has ‘Daddy’s Looks,’ Worked as a Waitress & Divorced Son’s Dad after 11 Months

October 08, 2023

How Burt Reynolds’ Divorce Turned Him into a Bankrupt Actor, Selling His Own Stuff

August 18, 2023