Lil Kim Reportedly Files For Bankruptcy, Claims $4 Million In Outstanding Debts
Lil Kim is having money troubles. The Brooklyn born rapper reportedly filed for Chapter 13 bankruptcy citing millions in outstanding debts. Kim allegedly filed last month, but details about her finances were reported by multiple news outlets on Friday (June 8).
According to TMZ, Kim is $4 million in debt, which she offered to settle with a $5,500 monthly payment plan. Her outstanding bills include a $2.5 million loan for her New Jersey home, $1,845,451 million in unpaid taxes, and $186,000 in legal bills.
Kim brings in just over $18,000 a month, with $12,784 in monthly expenses, per a report from celebrity website, The Blast. She also offered to settle the debt by selling her home, or adjusting her mortgage payments, according to the site.
The Queen Bee listed $2.5 million in assets, including her New Jersey residence, $25,000 in jewelry and household furniture, a 2000 Mercedes Benz worth $4,200, and a 2005 Bentley Continental GT worth $52,600. Kimmy Blanco’s businesses, which include Queen Bee Entertainment, are also listed as assets worth more than $150,000.
The bankruptcy documents reportedly indicate that Kim is also the sole financial provider for her 3-year-old daughter, Royal Reign.
A bankruptcy hearing is scheduled for next month.
Throughout her more than 20-year career, Kim has sold over 15 million albums and 30 million singles worldwide. She is one of only five female rappers to land a No. 1 single on the Billboard Hot 100, and is working on a new album slated to drop this year.