Lil Kim reportedly filed for Chapter 13 bankruptcy last month after incurring over $4 million of debt.
According to legal documents obtained by The Blast, the Hip Hop vet has assets totaling $2,573,300 and liabilities in the amount of $4,084,841.60. She also owes $1,845,451 in back taxes.
Although Kim reportedly pulls in $18,286 a month, her bills run her $12,794 a month, leaving her with roughly $5,000 per month. The docs revealed Kim has made $90,678 in income so far this year, $398,000 in 2017 and $823,659 in 2016.
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Queen Bee’s largest debuts include $2 million owed on 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.
The “Crush On You” rapper offered to pay her creditors $5,500 every month for the next five years and said she’d sell her New Jersey home to repay her debts. But The Blast says that offer was already denied.
Kim’s hearing is set for next month.
In terms of music, Kim dropped a solo track “Took Us A Break” and teamed up with Remy Ma for “Wake Me Up” last November.
On Friday (June 8), she teased a new video for the Fabolous-assisted joint 3on Friday (June 8).
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Source: Hip Hop DX Kyle Eustice
Photo Credit: Wikipedia
Photo Credit: Yahoo Lifestyle Singapore