Lil Kim may have once reigned as the queen of Rap, but her financial situation is looking anything but regal these days.
For, the femcee has reportedly filed for chapter 13 bankruptcy.
Details below…
The Blast cites court documents confirming that Kim owes her creditors $4 million and has made the filing – along with willingly selling her home – to settle the debt.
She possesses assets to the tune of $2,573,300 and liabilities in the amount of $4,084,841.60. Word is that she owes $1,845,451 in just back taxes and $2 million on a loan against her home.
The rapper’s finances were are detailed, with an average monthly income listed $18,286 and her expenses total $12,784, leaving her with around $5k after paying bills and other outgoings.
Notablely, the story goes on to add:
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.
It’s a tough predicament to be in – especially having her details laid out for all to see. In any case, we simply wish her the best and hope it serves as a much needed turnaround for her.
all i can say is DAMN…
I agree with the trustee. Kim’s numbers seem off…way off. Her mortgage alone would be about 15K month and then you have to add on living expenses. I would bet she spends about 25K a month between mortgage, lodging, travel, taxes, and fees. While I feel bad for her, I feel like she is lying about her numbers and being irresponsible because she has a young child to take care of. She should not have held on to that money pit of a home in NJ for so long. When she was headed to prison she should have sold the home at that time period and she would have made a good profit. Now it is just a money pit with hefty property taxes she cannot afford to pay and selling it now is the same as giving it back to the bank. With this being a Chapter 13 and not a Chapter 7, I would imagine this is a scheme for her to prolong the foreclosure process and stay in her home. After all, she was on instagram just last month boasting about living there and not going anywhere. She is too attached to that home and that is a major factor in why she is in debt. I’m not saying she should not be in a nice home, but NJ is not the right place to own expensive property unless you are pulling in a hefty income. Those property taxes are a beast there, in the suburbs of NYC, and also in CT. A lot of people who have sold luxury homes there have had to take huge losses just to move on.
you seem right there, I noticed a handful of celebritieswho owned homes there sell them off in recent years like P Diddy, Mary J Blige, Kimora Lee, and it goes on!
I hope u a lawyer you know so much
Jasmine, Thank You for this info., I am a veteran Foxy Brown fan of which owns a A Papa John’s Franchise, multiple brownstones and a condo the Eastside of New York next to New York Socialite Ann Slater.
She grew up in Park Slope where she owns the Brownstone she grew in she is a SHARK when it comes to finance having been by a mother of great education first a schoolteacher and retired as a principal.
Her stanbase was so focused on what Nicki is always up to when they should have been setting up go fund me accounts for they girl. Good luck Kim. We’ll probably see her on future installments of Love & Hip Hop for a steady paycheck.
I hope she gets back up. We need to support our sister. I wholeheartedly feel bad for her. She’s tough.
Truth.
Too bad she can’t return her face & bodywork
Dam Remy cant get a hit record to save her life and now kim is just help period smh!!!! I hate to say it but it does seem like nicki is winning
Nicki says a lot of things, but at the end of the day, the person I know from what I see in public would never want to win like this. Nicki doesn’t hate Kim are what to see her down like this, as some would like the masses to believe.
she just put a single and video out did it not do well??
Lol I’m sorry but this made me laugh so loud. Y’all can’t be serious for a second.
I’mma throw shade if I can’t get paid. – Lil Kim’s Creditors
Donald trump has filed 4 times, who cares
Sis Donald trump owns multiple companies
His money cant run out
And if it does his kids have millions
Kim didn’t write half what she spit in her prime and her deal was s*****
@Faf if you are going to defend Trump then you should be open minded enough to accept the difference between filing Chapter 13 and chap 7. Chapter 13 is just a reorganization of debt. Let’s be real here. Kim is attached to that NJ house and filed this to keep living there. Broke people have no income. Kim has income, she just does not want to spend it all on mortgage.
Foxy would NEVER
Exactly while her fans make up that rumor foxy is broke in Brooklyn i think it’s funny u never hear about her being homeless or broke
from what i always heard foxy used to flip and rent out brownstones instead of trying to be Hollywood
Kim is not broke though. There is a huge difference between filing Chapter 13 and Chap 7 bankruptcy. Chapter 13 is just a reorganization of debt. Let’s be real here. Kim is attached to that NJ house and filed this to keep living there. Broke people have no income. Kim has income, she just does not want to spend it all on mortgage.
Other than her delusional fans, is anybody really surprised?
The woman legit hasn’t had a hit since 2007 and that was a feature.
Kim’s not in demand anywhere. Not in concert or music.
While her fans sit and obsess over the last decade over Nicki, they forgot to buy her records, just like Remy’s fanbase.
Don’t give me that crap about protecting her assets! Her assets are listed and I know people who own more than that and they’ve never been famous in their life. Her assets aren’t more than her debt, so she is indeed broke! Plus since when has owing over $4Million and back taxes, not made a person broke? This isn’t a 50 Cent or Trump situation,this broad is really broke. 50 Cent was protecting his assets so Rick Ross’s ex couldn’t hit his personal account, Trump did his to restructure his companies. Kim doesn’t have any different venues. All those surgeries and terrible clothes should’ve been invested in a retirement plan instead. I hope this is a lesson to future female rappers and regular folks in general. Invest your money, especially when you have a lot coming in during a certain period, it could dry up tomorrow if you spend recklessly.
Miss Swan’s body double and her fans need to stop with the lies!
I’m not mad at Lil’Kim she’s been reigning over female rap for decades, Hell Toni Braxton is out of bankruptcy as well so it can happen!!
__________________…..wanna see what bitcheszzz do when they lose to blueprint…I mean the pink print h** let it sink in,…
She. Will get out of it that’s lil Kim