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Entertainment Lil Kim files for bankruptcy after owing creditors over $4 million

09:55  09 june  2018
09:55  09 june  2018 Source:   wonderwall.com

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a person wearing a costume: Lil Kim attends the Marc Jacobs show, Fall Winter 2018, during New York Fashion Week on Feb. 14, 2018.© Matteo Prandoni/BFA/REX/Shutterstock Lil Kim attends the Marc Jacobs show, Fall Winter 2018, during New York Fashion Week on Feb. 14, 2018.

Lil Kim has filed for Chapter 13 bankruptcy. She owes her creditors over $4 million (C$5.18M), and she's even offering to sell off her mansion in New Jersey to ease her financial pain.

The Blast obtained court documents in which the rapper lists her financial details. According to the docs, she has about $2,573,300 in assets, but she has $4,084,841 in liabilities. In back taxes alone, she owes 1,845,451.

Among her major assets listed is her home, which she values at $2.3 million, a 2000 Mercedes Benz worth $4,200 and a 2005 Bentley Continental GT valued at $52,600. Her jewelry, apparel, electronics and furniture ring in at $60,000. She also says her three entertainment companies are worth in excess of $150,000, The Blast said.

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Kim indicates that she makes about $18,000 a month, but spends $12,784.

She goes on to list the creditors she owes, too, including a $2 million tab relating to her New Jersey home. She says in the documents that her Queen Bee Entertainment company is actually profitable.

Lil' Kim holding a sign posing for the camera: Lil' Kim attends Rihanna's 3rd Annual Diamond Ball at Cipriani Wall Street in New York City on Sept. 14, 2017.© Jackie Brown Lil' Kim attends Rihanna's 3rd Annual Diamond Ball at Cipriani Wall Street in New York City on Sept. 14, 2017.

The docs reveal Kim has made $90,678 in income so far this year. Kim alludes to the fact that she's on track to have a far less profitable year than she has in past, claiming she made $398k in 2017 and $823,659 in 2016.

Kim also says she supports her 3-year-old daughter by herself without any child support.

The rapper has actually concocted a plan in which she can help pay her debts, saying she'll pay $5,500 to her creditors for the next five years, and she's not opposed to selling her home.

This is no slam dunk, though, as the trustee for the bankruptcy already objected to Lil Kim's plan.

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