Lil Kim Regretfully Files Bankruptcy And The Debt She’s In Is Massive
Back in the day, during the 90’s reign of the Queen Bee and Notorious B.I.G., the 4’11” hip hop legend was one of my favorite female rappers. Then at some point in the post-B.I.G. era, that all changed, when Lil Kim changed her flow, among other things. Apparently, her finances have since changed for the worse as well and it’s sad to see this happening to the woman responsible for opening the door for artists like, Nicki Minaj and Cardi B.
Recent Bankruptcy Filings
It has just been reported that the “No Time” raptress recently filed bankruptcy and is in debt to the tune of $4 MILLION! Here’s why:
Via The Blast: According to court documents obtained by The Blast, the rapper filed for Chapter 13 bankruptcy last month. She assets totaling $2,573,300 and liabilities in the amount of $4,084,841.60. She owes $1,845,451 in back taxes alone. …
Kim’s average monthly income is $18,286 and her expenses total $12,784, leaving her with around $5k after paying her bills.
Kim’s says her company, Queen Bee Entertainment, pulled in $361k last year. She estimates the company’s monthly income is $43k and expenses around $25k, leaving her with a profit of around $18k. Through her business, she spends $2,200 on her wardrobe and $10k on travel/entertainment.
It was also reported that Lil Kim has earned approximately $90.6K so far this year and that she earned $398K in 2017. Unfortunately, that still wouldn’t be enough to cover her debt, which includes assets of her home, 2 luxury vehicles, three entertainment companies and more.
In addition to that, Lil Kim’s proposal to sell off her $2.3 million home to help pay her debt, has been rejected by the bankruptcy trustee, according to The Blast. Her bankruptcy case is still pending.
This news comes just weeks after it was reported, in April 2018, that Lil Kim’s $2.3 million Alpine, NJ mansion was foreclosed and going up for auction, with a bid starting at a ridiculous $100. Months prior to that, Lil Kim, denounced claims that her home was being foreclosed, when she posted a photo of her adorable 3 year old mini-me, Royal, riding her bike outside of the Alpine home…
How She Can Fix This
For a rap OG like Like Kim, she should not have to be in this unfortunate financial bind. Legends of her status, should always have a way to sustain, based on the value of their brand and what they’ve contributed to the music game.
Although the Queen Bee’s finances may be down (in comparison to what they once were), she’s not out. Matter of fact I can think of two ways for her to significantly increase her bottom line- (1) By filming a biopic about her life; and (2) Writing a tell-all memoir about the details of her life, that couldn’t be crammed into a 2 hour biopic alone.
She’s had quite a journey – a successful rap career; a prison stint for NOT snitching; losing the love of her life, Biggie (even though he was married to Faith Evans); surviving domestic violence; dealing with some apparent self-esteem struggles, as well the multiple plastic surgery transformations those inner struggles apparently morphed into. That’s probably just the surface of Lil Kim’s life and the many battles she’s either overcome, or still fighting through. I may not be rockin’ with Lil Kim’s music these days, but I know one thing, her life story is definitely one I would wanna watch and read about. All hail the Queen Bee…keep doing your thang ma!’