Search Wrap-Up Magazine By Name

Wednesday, June 20, 2018

Lil Kim Files Bankrupt


Back in 1997, Kimberly “Lil Kim” Jones famously rapped about being “all about the Benjamins.” But today, the platinum-selling hip-hop artist is singing a very different tune. According to The New York Daily News, Jones has filed for Chapter 13 bankruptcy in New Jersey and has racked up more than $4 million in debt.

Jones, who had a net worth of $18 million in 2017, filed for bankruptcy protection on May 8, just three days before a bank foreclosed on her $3.1 million mansion in Alpine, New Jersey. Court documents show that she owes $664,474 in late mortgage payments for the $2.3 million loan she used to finance the property in 2002. The 6,000-square-foot home is scheduled to go up for auction on June 29.

In addition, the Queen Bee owes a total of $1,845,451 in back taxes after accumulating $1,469,105 in unpaid federal taxes and $376,346.74 in unpaid state taxes from 2004–2017. She also owes $186,000 in legal fees.

The “Get Money” rapper owns $2,573,300 in assets, which includes a 2000 Mercedes worth $4,200, a 2005 Bentley worth $52,600, $25,000 in jewelry, $25,000 in household furniture, $5,000 in electronics, and $5,000 in apparel, reports The Blast. Jones lists her cash on hand as $2,500.

Court documents show that the Brooklyn-born rapper’s income has dropped from $823,659 in 2016 to just $398,000 last year. She generates $18,286 each month through her company Queen Bee Entertainment. However, $12,784 goes toward monthly expenses that include $2,200 on wardrobe, while $10,410 is allocated toward travel and entertainment. She also has a monthly mortgage payment of $6,610.

The Blast reports that Jones offered to pay $5,500 to her creditors for the next 60 months in addition to selling her home to repay or modify her mortgage on the property in order to pay off her debt. However, the trustee for the bankruptcy has objected to her proposal.


No comments:

Post a Comment

Leave comment to follow this blog