Lil Kim Files For Bankruptcy
Grammy-winning rapper Lil’ Kim has run into some financial problems and has reportedly filed for bankruptcy.
According to TMZ, the Brooklyn rapper made the filing last month as she claims to be over $4 million in debt, owing $2 million on a loan for her New Jersey home and $1,845,451.74 in unpaid taxes.
She added that she does not receive any child support from the father of her daughter, Royal Reign.
She also has a steep legal bill of $186,000 on the books. In the filing, Kim offered to pay $5,500 a month to settle her debts with creditors but was denied by her trustee. She has another court date scheduled for next month.
This bankruptcy news comes on the heels of reports that the MC’s Alpine, N.J. home was up for auction at a starting bid of $100. Valued at over $3 million, Kim originally bought the 6,000 square-foot home in 2002 for $2.3 million, but still reportedly owes nearly $1.9 million on the residence. In May 2017, a judge ruled that the 43-year-old was in default, which put the foreclosed home in the control of the Bergen County Prosecutor’s Office, who put the home up for auction.
She reportedly owes $664,474 in house payments and $376,346 in New Jersey state taxes, with her gross income dropping from $823,659 in 2016 to $398,000 in 2017.
Kim hasn’t put out an album in 13 years, with her last solo LP being The Naked Truth in 2005 but during that period she has put out four mixtapes and is currently working on her new LP. She also has a new single titled “Spicy” which features Fabulous.