Lil Kim Declares Bankruptcy After Facing Big Debts

Lil Kim Declares Bankruptcy After Facing Big Debts

Lil Kim has declared chapter 13 bankruptcy after the bank foreclosed on her New Jersey mansion

The 42-year old owes $1.47 million in back taxes and has more than $4 million in total debts.

According to the filings, Kim is $664,474 behind on payments for the $2.3 million house in Alpine.  Her income has dropped from $823,659 in 2016 to $398,000 last year.

Kim spends $6,610 a month on her mortgage, $2,200 a month on wardrobe, $10,410 a month on travel and entertainment, and $2,317 on staff.

Her assets include a 2000 Mercedes worth $4,200, a 2005 Bentley worth $52,600 and jewelry worth $25,000.

Kim's home is scheduled to be auctioned f on June 28. She's hoping the bankruptcy restructuring will allow her to sell it on her own terms.

Lil Kim Declares Bankruptcy After Facing Big Debts

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