Lil Kim is reportedly in serious financial despair. Reports say she has filed for bankruptcy and owes nearly two million in back taxes.
The site reports, she “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.” Reportedly, her “average monthly income is $18,286 and her expenses total $12,784, leaving her with around $5k after paying her bills.”
She has assets that include a $2.3 million home in New Jersey, a Mercedes Benz worth $4,200, a Bentley Continental GT ($52,600), three entertainment companies worth in excess of $150,000 and more. The site also reports, “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.”
In court documents, Lil Kim proposed to pay $5,500 to her creditors for the next 60 months and she offered to sell her New Jersey home. However, the trustee for the bankruptcy denied Kim’s proposal.
We will keep you updated as more info surfaces but we wish Kim the best of luck. Furthermore, bankruptcy is not the end of the world, Trump has declared bankruptcy six times and you see where that got him — just saying.