American rapper, Lil Kim, has filed for bankruptcy, offering to sell her New Jersey mandion to pay her debt.
The Blast exclusively reported on Friday that the female rapper owes her creditors $4 million.
Court documents obtained by The Blast, showe Kim filed for Chapter 13 bankruptcy in May. 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.
Kim’s average monthly income is $18,286 and her expenses total $12,784, leaving her with around $5k after paying her bills.
Her assets include her $2.3 million New Jersey home, a 2000 Mercedes Benz worth $4,200, a 2005 Bentley Continental GT ($52,600), $25k in household furniture, $5k in electronics, $5k in apparel, and $25,000 in jewelry. She also says her three entertainment companies are worth in excess of $150,000.
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.
Kim’s says her company, Queen Bee Entertainment, pulled in $361,000 last year. She estimates the company’s monthly income is $43,000 and expenses around $25,000 leaving her with a profit of around $18,000. Through her business, she spends $2,200 on her wardrobe and $10,000 on travel/entertainment.
The rapper lists that she supports her three-year-old daughter but does not list that she receives any child support.
The documents reveal Kim has made $90,678 in income so far this year. Kim says she made $398k in 2017 and $823,659 in 2016.
According to the report, 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.