Lil’ Kim Has Filed For Bankruptcy

June 9, 2018  |  

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Lil’ Kim is facing some big financial woes. The Brooklyn femcee has filed for bankruptcy, the NY Daily News reports.

She filed Chapter 13 bankruptcy last month after her Alpine, NJ mansion was foreclosed and she failed to pay $1.47 million in back taxes. The Queen Bee reportedly owes  $376,346 in New Jersey state taxes and is behind $664,474 in mortgage payments on her $2.3 million mansion. Kim reportedly has other debts that amount up to $4 million.

Kim’s income has dropped drastically, from $823,659 in 2016 to $398,000 in 2017. Unfortunately, it seems like her expenses remained the same. With a $18,286 monthly income, she spent $6, 610 on mortgage payments, $2,200 a month on her wardrobe, $2, 317 went to paying her staff and $10,410 on travel and entertainment.

Her mansion is set to be up for auctioning on June 29th, 2018. Kim has already submitted a plan to restructure her mortgage under the condition the home would be sold by next May.

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