LIL KIM FILES FOR CHAPTER 13 BANKRUPTCY

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Lil Kim has filed for chapter 13 bankruptcy as of last month after accumulating more than $4 million in debt. Kim reportedly owes about $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 ($1,469,105 in unpaid federal taxes from 2004-2017, and $376,346.74 in unpaid state taxes from 2004-2017).

 

 

Kim claims she has a total of $2,573,300 in assets and earns about $18,286 in monthly income—$12,784 of which goes towards expenses. Queen Bee has offered to pay her creditors $5,500 every month for the next five years, and has also proposed to sell her New Jersey home to repay her debts; but according to The Blast, a trustee for the bankruptcy has already opposed her plan. A hearing is scheduled for July.