Lil Kim Files For Bankruptcy - Noise11.com
Lil Kim

Lil Kim

Lil Kim Files For Bankruptcy

by Music-News.com 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).

music-news.com

For news as it happens follow Noise11 on Facebook

Noise11.com

Listen to the Noise11 Music News channel now at iHeartRadio

Comments

comments

Related Posts

Jon Stevens performs at APIA Good Times Tour at the Palais Theatre in St Kilda on Saturday 28 May 2016. Photo by Ros O'Gorman http://www.noise11.com
Jon Stevens Releases Charity Single ‘Rain Down On Me’ For Farmers

Jon Stevens will release a new song ‘Rain Down On Me’ with proceeds going the drought-stricken farmers.

4 hours ago
Keith Urban, Rod Laver Arena, Melbourne 2014 photo by Ros O'Gorman
Keith Urban Visits Sick Child In Hospital

Keith Urban stunned a superfan fighting for her life on Thursday night by visiting her in hospital.

13 hours ago
Guns N Roses perform at the MCG in Melbourne on Tuesday 14 February 2017. Guns N Roses are touring Australia on their Not In This Lifetime tour. Photo Ros O'Gorman
Slash Featuring Myles Kennedy & The Conspirators Australia and New Zealand Dates

Slash will tour Australia and New Zealand with his other band The Conspirators in 2019.

3 days ago
Dave Leslie
Dave Leslie To Host His First Ever Workshop With A Full Band

Baby Animals’ guitarist Dave Leslie has a Guitar Workshop coming up with a full band to showcase.

5 days ago
Christina Aguilera photo by Ros O'Gorman
Christina Aguilera Cancels Second Show Following Voice Problems

Christina Aguilera was forced to pull out of a weekend show in Detroit, Michigan as she continues to struggle with vocal issues.

6 days ago
Coldplay perform at Etihad Stadium in Melbourne on Friday 9 December 2016. Photo by Ros O'Gorman
Mat Whitecross Prepares His Coldplay Documentary For Release

British director Mat Whitecross has completed work on his Coldplay documentary ‘ A Head Full of Dreams’.

October 15, 2018
Eminem photo by Craig Mcdean
Eminem Brings Rapture To Australia and New Zealand In 2019

Eminem will be back in Australia and New Zealand with the Rapture Tour 2019.

October 15, 2018