Money Woes? Unbothered Lil Kim Claps Back At Haters After Chapter 13 Bankruptcy Filing
When it comes to finances, Lil’ Kim has had a relatively rough time over the past several months. From drastic income drops to million-dollar foreclosures, Lil’ Kim has faced tons of issues that have ultimately impacted her lifestyle. Now, just months after facing foreclosure on her $2.3 million house, she’s opted to take a different approach to the situation and she has a message for all the critics.
According to New York Daily News, reports are now surfacing about Lil’ Kim’s Chapter 13 protection filing in New Jersey last month. The “No Time” rapper reportedly filed after the bank foreclosed on her 6,000-square-foot gated Alpine, NJ mansion but that’s not the only problem she’s facing. It has been reported that Lil’ Kim also has problems with someone else – Uncle Sam.
In addition to the foreclosure, Lil’ Kim reportedly owes the government a staggering $1.47 million in unpaid taxes from 2004-2017, $186,000 for legal fees, and $376,346.74 in unpaid state taxes for the state of New Jersey 2004-2017. But even with those two massive debts, the platinum-selling rapper’s list of debts goes on. According to the court filing, Lil Kim is said to have an approximate total of “more than $4 million in secured and unsecured debts.” The documents were filed on May 8, 2018, just three days before the scheduled auction for Lil’ Kim’s home. While the auction.com listing for the home remains public, the auction date has reportedly been rescheduled for June 28. According to The Blast, Lil Kim reportedly offered to sell the home to clear some of her debts.
Drastic Income Drops:
The court documents also revealed just how drastic Lil’ Kim’s financial situation is. She revealed her income dropped from $823,659 in 2016 to $398,000 last year. Her monthly income is reportedly $18,286 and she’s shelling out more than $12,000 in monthly expenses. While most people would probably consider Lil’ Kim’s income relatively sizable, unfortunately, it appears to be no match for the debts she owes. The court documents went on to offer a breakdown of Kim’s assets which are valued at $2,573,300.
Here’s the breakdown of Kim’s personal and professional assets via The Blast:
Her assets include her $2.3 million New Jersey home, a 2000 Mercedes Benz worth $4,200, a 2005 Bentley Continental GT ($52,600), $25k in household furniture, $5k in electronics, $5k in apparel, and $25,000 in jewelry. She also says her three entertainment companies are worth in excess of $150,000.
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.
The latest news follows an announcement about the new album Lil’ Kim is working on. The new studio album, which would be her first album since her 2005 album, Naked Truth. Although she did release a mixtape titled Lil Kim’s Season in 2016, the new album would be her first official album release. With the massive legal battle Lil’ Kim is currently facing, a new album would likely help to combat the financial issues. Kim’s latest single “Spicy,” featuring Fabolous dropped earlier this year in March. So, it’s probably safe to say Lil’ Kim is about to get on the grind again and we’ll probably hear more new music from her in the very near future. But music isn’t the only thing fans are hearin’ from Kim right now.
Apparently, Lil’ Kim isn’t too pleased with all the reports about her financial situation. So she took to social media to clap back at the people who have criticized her. In true Lil’ Kim fashion, she offered a colorful response to all the haters makin’ it clear she could care less about what people have to say. In response to all the reports, she’s said, “Yall check this out, while y’all doing all that yappin’, I am out with my baby for her birthday party.” She continued, “Let me tell you something when you are a child of God, you can’t be touched boo! It ain’t going to happen.” So, there you have it. Best of luck to Lil’ Kim.