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

Paul McCartney at AAMI Park Melbourne on Tuesday 5 December 2017. Photo by Ros O'Gorman
Paul McCartney Releases Two New Songs

Paul McCartney has previewed his upcoming album with two new songs ‘I Don’t Know’ and ‘Come On To Me’.

7 hours ago
Lenny Kravitz, music news,
Lenny Kravitz Misses Out On Big Little Lies Role

Lenny Kravitz is convinced he lost out on a role in hit TV show Big Little Lies because producers felt uneasy about casting a black actor as the villain.

17 hours ago
Tommy Lee, Photo Ros O'Gorman
Brandon Lee Wants To Pay For Dad Tommy Lee’s Therapy

Tommy Lee's son is offering to pay for his father to undergo "treatment" of his own after the rocker revealed he took care of Brandon Lee's rehab bill.

18 hours ago
Screaming Jets
The Screaming Jets Cover Australian Rock Classics For Gotcha Covered

The Screaming Jets have curated a tasty list of Australian rock classics for the album ‘Gotcha Covered’.

1 day ago
Mighty Mighty Bosstones
Mighty Mighty Bosstones Reactivate

Remember The Mighty Mighty Bosstones? They became the ambassadors of the 90s ska explosion (the third wave of SKA) by forging new territory and being one of the first, if not the first band to cross high-energy ska with hardcore punk. Over a 30-year career Boston’s best dressed band has built, and continue to build, a devoted following with their unique brass-infused brand of punk rock.  

2 days ago
Chris Cornell, the Palais Theatre St Kilda. Photo by Ros O'Gorman
Chris Cornell’s Teenage Daughter Pays Tribute To Dad On Father’s Day

Chris Cornell's daughter has released a duet with her late dad to honour him on Father's Day.

2 days ago
Brian Ritchie - Photo By Ros O'Gorman
Violent Femmes’ Brian Ritchie Recognised As a Major Force In Australian Culture

When Violent Femmes bass player Brian Ritchie migrated to Australia in 2008 he immediately began rebooting Australian culture. Those 10 years of contributions to the Australian entertainment industry have paid off with Brian receiving two nominations in the prestigious upcoming Helpmann Awards.

2 days ago