Lil Kim Files For Chapter 13 Bankruptcy Lists 4 Million In Debt

Lil’ Kim is reportedly $664,474 behind on her payments for the house. She is claiming that her income has dropped from $823,659 in 2016 to $398,000 last year. She submitted a proposal that would allow her to restructure her mortgage and would sell the home by May 2019. According to the filing, Kim has a monthly income of $18,286 and her monthly mortgage payment is $6,610. Kim bought her mansion in 2002 for $2.3 million. Her assets include a 2000 Mercedes with a value of $4,200, a 2005 Bentley worth $52,600, and jewelry worth $25,000. She has $2,500 in available cash. She spends $2,200 a month on wardrobe, $10,410 a month on travel and entertainment, and $2,317 on staff. In addition to the $1.47 million she owes the IRS, she owes $376,346 to the state of New Jersey for back taxes.. She has unpaid legal bills in the amount of $186,000. All in all, her assets total $2,573,300 and her liabilities are in the amount of $4,084,841.60 She offered to pay a creditor $5,500 a month for the next 60 months to straighten out her finances. The trustee for the New Jersey bankruptcy court denied this proposal. There is a hearing scheduled for July. Lil’ Kim has a net worth of a -$2 million.