Lil Kim Files For Bankruptcy -
Lil Kim

Lil Kim

Lil Kim Files For Bankruptcy

by on June 9, 2018

in News

Rapper Lil’ Kim has offered to sell her house to pay off the $4 million (£3 million) debt she owes to creditors in new bankruptcy court filings.

Lil Kim filed the legal papers for Chapter 13 bankruptcy to resolve her massive debt last month (May18), according to documents obtained by The Blast.

The star has assets amounting to a little more than $2.57 million (£1.9 million), liabilities of just over $4 million (£3 million) and she also has a huge back tax bill in excess of $1.8 million (£1.34 million).

Lil’ Kim, real name Kimberly Denise Jones, owns three entertainment companies, but claims the businesses are only worth $150,000 (£112,000).

Her average monthly income is about $18,300 (£13,660), but she is left with just $5,000 (£3,730) after paying her bills.

The hip-hop icon has not earned over $1 million (£746,700) annually in several years, citing 2016 as the closest she’s come to seven figures. She amassed less than half of that in 2015, with income of $398,000 (£297,190).

Lil’ Kim’s largest creditor is the HSBC Bank loan company she borrowed money from to secure her New Jersey mansion after taking out a $2 million (£1.5 million) line of credit from the business and failing to pay her $10,000 (£7,470) per month mortgage. Her tax bills, from the years 2004 to 2017, are the second largest amounts of money she owes and she also has $186,000 (£138,900) in unpaid legal bills.

The star, who is mother to three-year-old daughter Royal Reign, has proposed to pay her creditors $5,500 (£4,110) monthly for the next 60 months as part of a debt repayment deal, but one of the bankruptcy trustees has already objected to her proposal.

News of Lil’ Kim’s financial struggles grabbed headlines as early as 2010, when it was reported bosses at HSBC Bank initiated foreclosure proceedings on the rapper’s sprawling New Jersey property, which she purchased in 2002 for $2.3 million (£1.7 million).

The estate is being auctioned off by Bergen County officials on 29 June (18), after a judge granted the foreclosure. The starting bid for the mansion is just $100 (£75).

For news as it happens follow Noise11 on Facebook

Listen to the Noise11 Music News channel now at iHeartRadio



Related Posts

Rivers Cuomo and Scott Shriver Weezer at Etihad Stadium on Tuesday 30 January 2018. Photo by Ros O'Gorman
Weezer release covers album ‘The Teal Album’

What started out as a one-off Toto cover for Weezer has turned into a full covers album ‘The Teal Album’.

6 hours ago
Happy Mondays, Noise11, Photo
Happy Mondays sell out in Sydney and Melbourne and Perth and Auckland

Happy Mondays have sold out another show in Sydney, as well as the previously announced Melbourne, Perth and Auckland, more than a month ahead of their Australian tour.

9 hours ago
R. Kelly, music news,
Erykah Badu booed after praying for R. Kelly at concert

Erykah Badu was booed by concertgoers on Saturday night, as she told them she was "praying" for embattled singer R. Kelly.

3 days ago
Jay-Z - Photo By Ros O'Gorman
Skrillex supports Jay-Z keeping R. Kelly collaborations online

Electronic dance music star Skrillex is defending JAY-Z against criticism he is facing for not removing his collaborations with embattled singer R. Kelly from online streaming sites, insisting he should be able to make his own choice.

3 days ago
Voivod Australian Tour kicks off Wednesday in Brisbane

Voivod, the band Dave Grohl calls “the most bad-ass band I’ve ever heard in my life”, will start their Australian tour on Wednesday (23 January) in Brisbane.

3 days ago
Ja Rule photo by Ros O'Gorman
Ja Rule Defends Fyre Festival Role

Rapper Ja Rule has slammed filmmakers for painting him as the bad guy in a new pair of documentaries about his disastrous Fyre Festival.

4 days ago
R.Kelly, music news,
Former R. Kelly Manager Surrenders To Police

R. Kelly's former manager has surrendered to authorities over claims he intimidated and threatened the family of one of the singer's alleged sex abuse victims.

4 days ago