Auction, Chapter 11 Bankruptcy, Entertainment, Featured, Lil Kim, Music, New Jersey, Video -

Lil’ Kim files for bankruptcy, NJ house is up for auction

Auction, Chapter 11 Bankruptcy, Entertainment, Featured, Lil Kim, Music, New Jersey, Video -

Lil’ Kim files for bankruptcy, NJ house is up for auction

 

One of Lil’ Kim, real name Kimberly Jones’ breakout performances was in 1995’s legendary track “Get Money” with the late Notorious B.I.G. and Junior Mafia. Now, more than 20 years later, it appears she needs to get lots of it as she has filed for Chapter 13 bankruptcy in New Jersey.

Lil’ Kim is one of hip-hop’s all-time biggest selling female artists. However, over the last decade, she has racked up millions of dollars in back taxes and various debt.

Just days before a bank foreclosed on her 6,000-square-foot gated mansion last month, the platinum-selling rapper filed for bankruptcy protection.

READ MORE: Shonda Rhimes first Netflix series could be based on fake NYC socialite

According to the New York Daily News, Kim owes more than $1.47 million in back taxes, more than more than $4 million in secured and unsecured debts, and $664,474 in late mortgage payments for the $2.3 million foreclosed house which she bought in 2002.

Court documents show that Kim says that her income has dropped substantially in the last two years — from $823,659 in 2016 to just $398,000 last year. She now lists $18,286 as her monthly income, of which $12,784 goes towards expenses.

Kim’s $2,573,300 in assets include a 2000 Mercedes worth $4,200, a 2005 Bentley worth $52,600 and jewelry worth $25,000. Her expenses include $2,200 a month on wardrobe, $10,410 a month on travel and entertainment, $2,317 on staff, and a monthly mortgage payment of $6,610.

The home that the rapper shares with her three-year-old daughter is goes up for auction on June 29. While this is going on around her, Kim is reportedly working on a follow-up to her 2005 studio album the Naked Truth.

READ MORE: EXCLUSIVE: Gina Prince-Bythewood on directing ‘Cloak & Dagger’ pilot

The album would also mark the her first full length release since 2016’s Lil’ Kim Season. She’s been promoting her latest single “Spicy” featuring Fabolous which will be featured on the new album.

 

The post Lil’ Kim files for bankruptcy, NJ house is up for auction appeared first on theGrio.


Leave a comment

Related Posts

Nipsey Hussle To Do A Documentary On Dr. Sebi
Dr. Sebi was a Honduran herbalist and self-proclaimed healer. Dr. Sebi was famed to cure all disease with herbs and a...
Read More
Beyoncé And Jay-Z Headline the 2018 Global Citizen Festival to Honor Nelson Mandela's Legacy
At a respectable hour—2:47 p.m. EST on Sunday, to be exact—Beyoncé and husband Jay-Z’s philanthropy and benevolence ...
Read More
In Mexico’s border city, Haitians hailed as success story
TIJUANA, Mexico (AP) — A few blocks from a shelter housing members of a Central American migrant caravan sits the fir...
Read More
Say No Mo', Where Is Video?: The Assassination of E.J. Bradford
1: to murder (a usually prominent person) by sudden or secret attack often for political reasons; a plot to assassina...
Read More

Tags