It's being reported Lil Kim has filed Chapter 13 bankruptcy as she owes creditors $4 million. Deets inside...
Lil Kim has a financial situation on her hands.
After 24 years in the rap game, it's being reported Kimmy Blanco owes creditors hella cash, so she filed Chapter 13 bankruptcy last month. According to The Blast, the Hard Core rapper owes a whopping $4 million to her creditors. To pay off the debt, it's reported she offered to sell her New Jersey mansion and she also proposed a payment plan where she will pay $5,500 to her creditors over the next 60 months.
But, that may not be enough since the bankruptcy trustee has already rejected her proposal. Yikes.
The Blast got a hold of her court documents and here's her financial breakdown:
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 total $2,573,300 and liabilities in the amount of $4,084,841.60. She owes $1,845,451 in back taxes alone.
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.
She says she's making money from her companies as well:
Kim’s says her company, Queen Bee Entertainment, pulled in $361k last year. She estimates the company’s monthly income is $43k and expenses around $25k, leaving her with a profit of around $18k. Through her business, she spends $2,200 on her wardrobe and $10k on travel/entertainment. The rapper lists that she supports her 3-year-old daughter but does not list that she receives any child support.
The 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.
$2K on wardrobe seems a bit low, no?
Filing Chapter 13 does not necessarily mean you're broke. Ask 50 Cent. It's often used to clear debt and get finances in order. We shall see how it works out for Kimmy...
Photo: Getty
