Quiet Storm: Lil Kim Has Reportedly Filed for Chapter 13 Bankruptcy

Quiet Storm: Lil Kim Has Reportedly Filed for Chapter 13 Bankruptcy

- By Bossip Staff

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It Appears That Lil Kim Filed For Bankruptcy Last Month

According to legal documents obtained by The Blast, it looks like Lil Kim filed for chapter 13 bankruptcy last month, after having accumulated more than $4 million in debt. The rapper reportedly owes around $2 million on a loan for her home in New Jersey, $186,000 for legal fees, as well as $1,845,451 in back taxes (this includes $1,469,105 in unpaid federal taxes from 2004-2017, and $376,346.74 in unpaid state taxes from 2004-2017).

According to Lil Kim herself, she claims to have a total of $2,573,300 in assets, in addition to earning around $18,286 in monthly income—$12,784 of which goes towards expenses. She has offered to pay her creditors $5,500 every month for the next five years, also proposing to sell her New Jersey home in order to repay her debts.

If these reports are true, however, a trustee for the bankruptcy has already opposed her plan, and a hearing is scheduled for July.

Music wise, Kim is apparently working on a follow-up to her 2005 studio album the Naked Truth–which would mark the rapper’s first full-length release since 2016’s Lil Kim Season mixtape. There’s no release date quite yet for Lil Kim’s upcoming album, but she’s been in full promotional mode for her latest single “Spicy” featuring Fabolous.

With all these financial troubles at stake,  it wouldn’t be a surprise if Kim started releasing more music ASAP to start cashflow.

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