In April news spread throughout the internet that Lil' Kim was losing her mansion in New Jersey & it was up for auction. It was even more sad to hear that the starting big would be for only $100 making many wonder what is going on with Kim & her finances. If things couldn't get any worse for the rapper she has taken yet another hit to the gut.
More details below.
Kim has now filed for chapter 13 bankruptcy according to The Blast. The source has confirmed the information with court documentation that states that owes more than $4 million. She has made the decision to sell her home in order to pay off the debt. Kim has assists that total in $2,573.300 with liabilities in the amount of $4,084,841.60. In back taxes alone she owes $1,845,451 & at one point she took out a loan on her home that cost her $2 million.
According to documents Kim brings in about $18,286/month, but her bills total $12,784 which leaves $5k after all the bills have been paid. The Blast reported additional information regarding the bankruptcy as they stated:
"Docs reveal Kim has made $90,678 in income so far this year. Kim says she made $398k in 2017 & $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 the Lil' Kim's proposal.
The case is ongoing"