Lil Kim Files For Chapter 13 Bankruptcy Protection

Rapper Lil Kim has reportedly filed Chapter 13 bankruptcy protection last month in New Jersey claiming she is 4 million dollars in debt.

This news comes shortly after the Kim made headlines about the bank was foreclosing on rapper gated mansion in Alpine, in addition she owes $1.47 million in back taxes according to multiple reports. Kim filed court documents three days before her home was going up for auction.

According to court documents, Kim claims she is $664,474 behind on payments for her $2.3 million dollar home. She claims that she fell behind after her gross income dropped more than 50% in the last couple of years. She claims her income went from $823,659 to $398,00 last year. According to the documents filed, Kim income is $18,286 and her monthly mortgage payments are $6,610.

Kim has reportedly proposed a payment plan to repay the creditors to dissolve her debt, offering to pay $5,500 per month to creditors until she can get caught up also agreeing to have the home sold by May of 2019.

Kim is due back in bankruptcy court in July, hopefully all goes well for the Queen Bee.