Lil Kim reportedly filed for bankruptcy in New Jersey after falling into $4million of debt. According to different sources, the celebrity claimed she is in debt worth $4million. And now, Lil Kim is auctioning her New Jersey home to pay off the $4million debt.
According to the court document, Kim is reportedly earning $18,000 a month and spending $12,784 a month in expenses alone. The RnB star who became a top female RnB performer in the 90s was reported to have owed $1.8 million in back taxes to the government.
Lil Kim currently shares her mansion with her 3-year-old daughter, but the mansion is expected to go under the hammer on June 29 to the highest bidder. $186,000 in legal bills and $2 million home loan are also among the debts being owed by Lil Kim.
As for assets, the star listed $2,573,000 worth of goods including 2 cars (a Bentley worth $52 thousand), cost of furnishing her home and jewelry worth $25,000.
She also said she didn’t receive any form of child support from Royal Reign, the father of her cute daughter.
Now the TMZ is claiming that she could go to court next month has her offer to pay back her debt at $5,500 a month was rejected by her trustee.
And after the creditors have rejected her offer of $5,500 a month, the star looks like she will be adding more to the money maybe the creditors will accept her offer.
The Queen Bee is reported to be working on a new album which will be released soon. And maybe the album will help her to pay back her debt.
So all fingers crossed as we wait for June 29 and July when there will be hearing on the amount she offered to be paying every month until she completes the debt.
Watch this space and you can also leave your comment below.