IS LIL KIM IN DEBT OR NAH?
Have you heard the latest?
Lil Kim filed for Chapter 13 protection in New Jersey in May after her bank foreclosed on her mansion in Alpine. The platinum-selling rapper owes $1.47 million in back taxes and over $4 million in secured and unsecured debts. THATS CRAZY!!
The court documents show that Kim is $664,474 behind on payments for the $2.3 million house and claims her gross income has dropped substantially in the last of couple years. The rapper stated she made $823,659 in 2016 to around $398,000 last year.
The rapper, whose real name is Kim Jones, had submitted a proposed plan that would let her restructure her mortgage with the agreement she would sell the house by next May.
Kim proposed to pay $5,500 to her creditors for the next 60 months and offered to sell her New Jersey home. However, the trustee for the bankruptcy denied Kim’s proposal.
According to the filings, the rapper has a monthly income of $18,286 and a monthly mortgage payment of $6,610.
The Grammy winner states in legal documents that her assets include a 2000 Mercedes worth $4,200, a 2005 Bentley worth $52,600 and jewelry worth $25,000. She lists her cash on hand as $2,500.
The “Ladies Night” rapper filed for Chapter 13 bankruptcy on May 8, just three days before her 6,026-square-foot property was scheduled to go on the auction block.
A new listing on Auction.com that remained active Friday said the date for public bidding was rescheduled to June 28.
A judge previously ordered the foreclosure after the rapper stopped making mortgage payments. HSBC Bank sued her back in 2010, after it claimed she stopped paying the nearly $10,000 a month mortgage on her Alpine, NJ estate in 2009.
The bank claims she agreed to a deal with them in 2002 for a $1.5 million mortgage for her mansion, while promising to make the $9,935 a month payments. However, Kim didn’t keep up her end of the bargain and stopped paying altogether in 2009. They want her out of the home and plan to auction off the mansion at a Sheriff’s Sale.
In her bankruptcy filing, Lil Kim reveals she spends $2,200 a month on her wardrobe, $10,410 a month on travel and entertainment, and $2,317 on staff.
She also owes $376,346 in New Jersey state taxes, her court paperwork states.
The Blast reports, “Her largest creditors include $2 million owed to a loan company relating to her New Jersey home, $1,469,105 in unpaid federal taxes from 2004-2017, $376,346.74 owed to the New Jersey Division of Taxation for unpaid taxes from 2004-2017, and $186,000 in unpaid legal bills.”
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