Lil’ Kim Sends Positive Message After Filing For Bankruptcy

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Lil Kim Bankruptcy
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Lil’ Kim recently filed for bankruptcy, but she seems to be doing okay.

According to various reports, HSBC Bank began foreclosure proceedings on the rapper’s Alpine N.J. mansion in 2010, and she’s been trying to save the home through mediation since 2015.

But in May of last year, a judge determined that Kim’s payments were far too delinquent and the house will now be auctioned off on June 28.

According to the New York Daily News, the mother-of-one is $664,474 behind on home payments, mainly because her income has gone from over $823,000 in 2016 to $398,000 in 2017. Today, the mansion is valued at $2.3 million.

In addition, based on filings, Kim’s current monthly income is $18,286 and her mortgage payments were $6,610 each month. She also owes $1.47 million in back taxes and including her other debts, is now $4 million in the hole. 

But the legendary rhymer seems to be taking all of her financial issues in stride, at least based on the advice she gave on IG Live.

“I got something for all y’all. You can’t quit,” she said. “If you’re God’s child, you can’t be touched, boo. Y’all can get all the voodoo dolls y’all want. It ain’t gonna happen.”

The filings also report that Kim’s assets include a 2005 Bentley worth $52,600, a 2000 Mercedes worth $4,200, $25,000 in jewelry and $2,500 in cash.

Plus, she spends $10,410 each month on travel and entertainment, $2,317 each month on staff and $2,200 every month on wardrobe.

Those who’ve been following Kim’s career should be aware of her long running financial woes that seemed to start when she went to prison in 2005 on conspiracy and perjury charges. 

The charges came down after federal prosecutors said Kim lied about a shooting that involved her former Junior M.A.F.I.A. partners Damion “D-Roc” Butler and Suif “Gutta” Jackson.

Obviously, Kim was unable to tour or promote her new album at the time “The Naked Truth” during imprisonment, which ended up being her last official LP. 

Then, if her challenges weren’t big enough after she left prison, the rapper was sued by her record label Brookland Media in 2008 for $2.5 million. During that time Kim wasn’t able to release an LP, so she dropped four mixtapes in the following years and continued to tour. 

In March Kim released the new single “Spicy,” featuring Fabolous.

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