Lil' Kim files for bankruptcy amid $4 million debt
10th June 2018
American Rap Queen, Lil' Kim has filed for bankruptcy amid a $4 million debt and plans to sell her New Jersey mansion to pay back her debt.
According to The Blast, the rapper whose real name is Kimberly Denise Jones, filed for Chapter 13 bankruptcy last month, claiming debts of $4,084,841.60, as she owes $1,845,451 in back taxes.
The Lighters Up performer is now planning to sell her New Jersey mansion to pay back her debt.
Read the full report by The Blast below.
According to court documents obtained by The Blast, the rapper filed for Chapter 13 bankruptcy last month. She assets totaling $2,573,300 and liabilities in the amount of $4,084,841.60. She owes $1,845,451 in back taxes alone.
Kim’s average monthly income is $18,286 and her expenses total $12,784, leaving her with around $5k after paying her bills.
Her assets include her $2.3 million New Jersey home, a 2000 Mercedes Benz worth $4,200, a 2005 Bentley Continental GT ($52,600), $25k in household furniture, $5k in electronics, $5k in apparel, and $25,000 in jewelry. She also says her three entertainment companies are worth in excess of $150,000.
Her largest creditors include $2 million owed to a loan company relating to her New Jersey home, $1,469,105 in unpaid federal taxes from 2004-2017, $376,346.74 owed to the New Jersey Division of Taxation for unpaid taxes from 2004-2017, and $186,000 in unpaid legal bills.
Kim’s says her company, Queen Bee Entertainment, pulled in $361k last year. She estimates the company’s monthly income is $43k and expenses around $25k, leaving her with a profit of around $18k. Through her business, she spends $2,200 on her wardrobe and $10k on travel/entertainment.
The rapper lists that she supports her 3-year-old daughter but does not list that she receives any child support.
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.
Lil Kim has proposed a payment plan where she will pay $5,500 to her creditors for the next 60 months. She has also proposed selling off her New Jersey home to repay her debts or modifying her mortgage on the property.
The trustee for the bankruptcy has already objected to Lil Kim’s proposal. The case is ongoing and she will return to court over the issue next month.