Kimberly Denise Jones, better known as Lil Kim, owes her creditors $4 million, according to The Blast. Lil Kim, originally from Bed-Stuy in Brooklyn, filed for Chapter 13 bankruptcy last month and offered to sell her New Jersey mansion to pay off her debt.
Court documents obtained by The Blast state that the artist's assets amount to $2,573,300 and her liabilities equal $4,084,841.60. She owes $1,845,451 in back taxes alone. According to sources, Kim's average monthly income is $18,286, and her expenses total $12,784, which leaves her with around $5,000.
Even though her Lil Kim has substantial assets (home, cars, electronics, apparel, jewelry), her largest creditors include $2 million owed to a loan company relating to her New Jersey home. There is also $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.
Lil Kim came up with a proposal whereby she would pay back her debt in the form of a payment plan: $5,500 to her creditors for the next 60 months. She has also proposed selling off her New Jersey home to repay her debts or restructuring the mortgage on her property. So far, the proposal was rejected by the trustee, but the case is ongoing.
Source: theblast.com
