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.Array
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.