Lil’ Kim has filed for bankruptcy amid a $4 million debt.
The rap artist, whose real name is Kimberly Denise Jones, filed Chapter 13 in May, according to The Blast, claiming debts of $4,084,841.60, as she owes $1,845,451 in back taxes.
The Lighters Up performer said in court docs that she makes about $18,286 a month and pays out about $12,784, with about $5,500 left over.
She listed $2,573,300 as her assets, which are composed of a number of high dollar possessions she’s amassed. They include a mansion in New Jersey worth $2.3 million, with $25,000 worth of furnishings and $5,000 in electronics.
She told the court her wardrobe has an estimated value of $5,000, and her investments in three companies total to around $150,000.
Among the vehicles she listed as assets to the court included a 2000 Mercedes Benz estimated at around $4,200 and a 2005 Bentley Continental GT that’s estimated at $52,600.
Among her debts, the Magic Stick artist told the court that she owes a home loan of $2 million, as well as $186,000 in legal bills and the aforementioned tax issues, which include both state and federal tax debts.
The How Many Licks? rapper, according to court docs, said that her business Queen Bee Entertainment made $361,000 in income last year, and takes in about $43,000 monthly with $25,000 in expenses. She included clothing, travel and entertainment totals in her business expenses.
Lil’ Kim said that she takes care of her daughter Royal Reign, three, though doesn’t get any child support for her.
To make restitution, the rapper offered to pay her creditors a monthly total of $5,500 over the next five years, and is willing to sell her mansion or change the conditions of her mortgage to help decrease the debt.
The outlet reported that the trustee for the rapper’s bankruptcy did not agree to her offer.
According to TMZ, she’s slated to go to court next month over the issue.
Source – Daily Mail
Aproko Girl (INC)Lekki Phase 1 (Lagos State , Nigeria)