Lil Kim Fights To Save Her Mansion Amid Bankruptcy
According to Page Six, the 44-year-old rapper recently pleaded with the judge in her ongoing bankruptcy case to stop the sale of her New Jersey mansion.
Lil Kim is fighting to save her house.
The site reports that she has asked the court to convert her case from a Chapter 13 to a Chapter 11 so that she could reorganize her debts, and she further pleaded with the judge, saying will fork over “adequate protection payments” to the mortgage company to save her home throughout the bankruptcy process.
Recall that the rapper filed for bankruptcy in May after incurring over $4 million of debt. And from the the documents obtained by The Blast, she has assets totaling $2,573,300, liabilities in the amount of $4,084,841.60, and owes $1,845,451 in back taxes.
For income, she reportedly pulls in $18,286 a month, however her bills run her $12,794 a month, leaving her with roughly $5,000 per month. The docs also said that Kim made $90,678 in income so far this year, $398,000 in 2017 and $823,659 in 2016.
Kim’s largest debts include $2 million owed on her New Jersey home, $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.
In June, report surfaced that she offered to pay her creditors $5,500 every month for the next five years. Now she is battling to save her home.