Female Rapper Lil' Kim has reportedly filed for bankruptcy, having accrued around $4 million in debt, and is prepared to sell her New Jersey mansion in order to clear it all up.
The 42-year-old, whose full name is Kimberly Denise Jones, recorded several hit tracks since teaming up with the late Christopher Wallace A.K.A The Notorious B.I.G back in 1994, but she's hardly relevant on the music scene nowadays, which does explain why she might have fallen on hard times.
Per court documents obtained by The Blast, Kim—who has sold well over 15 million copies of various albums throughout her career, filed for Chapter 13 bankruptcy last month. Her claims state that she has $2,573,300 in assets and owes $4,084,841.60, with back taxes accounting for $1,845,451 of the amount.
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Her monthly income is understood to be what could be considered a healthy $18,286, however, bills and other expenses amount to $12,784, leaving her with around $5,500 in her pocket.
The Blast's report claims that Kim's assets include a $2.3 million New Jersey mansion, a 2000 Mercedes Benz worth $4,200 and a 2005 Bentley Continental GT valued at $52,600.
She also owns $25,000 in household furniture, $5,000 in electronics, $5,000 in clothing, and $25,000 in jewelry, while it is believed that her three entertainment companies are worth a sum upwards of $150,000.
The rapper says her says her company, Queen Bee Entertainment, earned $361k in 2017 and brings in $43,000 on a monthly basis. Expenses, though, take up $25,000, leaving her with just over $18,000 in profit. Not so shockingly, $2,200 gets spent on her wardrobe and another $10,000 on travel and entertainment.
She claims to support her three-year-old daughter but didn't note being in receipt of any child support.
Kim owes around $2 million to the loan company that financed the purchase of her New Jersey home. She is also behind on $1,469,105 in unpaid federal taxes from the years 2004-2017 and owes a further $186,000 in unpaid legal fees.
She claims to have made $398k in 2017 and $823,659 in 2016 and the court documents indicate that she has made $90,678 so far this year.
A 60-month payment plan of $5,500 per month has been proposed by the La Bella Mafia rapper and she has also offered to sell her house or refinancing her mortgage with the loan company.
It is understood that a trustee for the bankruptcy has already objected to the proposal, but the outcome of the case remains to be seen.