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Lil’ Kim Files for Chapter 13 Bankruptcy With Over $4 Million In Debt

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Hip-hop fans were shocked to hear that Brooklyn rapper Lil’ Kim had reportedly filed for bankruptcy. According to news reports, the rapper is about $4 million in debt, but it’s not over for this music icon yet. Kim and her team are developing a solid plan to fix these financial troubles.

Financial Breakdown

Though Lil’ Kim is a legendary name in the hip-hop world, it seems the rapper is a little down on her luck. Per court documents shared online, Kim recently filed for Chapter 13 bankruptcy. Though the rapper has over $2.5 million in assets, she currently owes a whopping $4,084,841.60! That amount includes back taxes of close to $2 million, and $2 million to the loan company that financed her house in New Jersey.

Celebuzz

In monthly income, Kim is said to be bringing home about $18,286. Her expenses add up to about $13,000 of that. The rapper’s company, Queen Bee Entertainment, also rakes in some funds—about $43,000 a month. Between overhead, wardrobe, travel, and entertainment, that money disappears pretty quickly, though. So, unfortunately, Lil’ Kim’s debts have been piling up. However, she is trying to develop a plan to deal with her financial troubles ASAP.

A Comeback Plan

Lil’ Kim’s team has suggested a 60-month payment plan to settle her debts. Over the course of the next five years, she could pay $5,500 a month to get her finances back on track. She has also proposed to either sell her home or refinance her mortgage with the loan company she owes.

Billboard

That plan, however, is still up in the air. Reportedly, a trustee on the case has objected to Kim’s proposal. Hopefully, there is a plan put in place soon that Kim can handle so she can pay off these debts.

Staying Positive

Though the legendary rapper may be down right now, she is not completely out. Kim actually seems to be taking her financial problems in stride. She even shared a positive message with fans on Instagram Live. “I got something for all y’all. You can’t quit,” she shared. “If you’re God’s child, you can’t be touched, boo. Y’all can get all the voodoo dolls y’all want. It ain’t gonna happen.”

Sandra Rose

In spite of her financial problems, Kim was all smiles last week when she was honored for her work in hip-hop by the New York City Council’s Black, Latino, and Asian Caucus (BLAC). The rapper received an official proclamation from New York City. She also accepted the New York City 12th Council District Arts and Music Award and the city’s Power Of Influence Award. Definitely a highlight to her week!

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