Lil Kim Files For Bankruptcy in efforts to save her mansion! Kim has been grinding hard on her comeback, but she’s hit a major bump in the road.
The “Lighters Up” rapper has delivered a handful of singles over the past year including “Spicy” with Fabolous. But that hasn’t helped her with Lil Kim financial issues over the past years. Read on…
According to reports, Lil Kim $3 million dollar mansion was on the verge of foreclosure and earlier this year, and her home was up for auction with the opening bid starting at $100.
Apparently, Lil Kim mansion is worth more than the opening bid, so Lil Kim reportedly filed for bankruptcy.
TMZ claims that she filed for it last month in New Jersey and revealed that she’s currently $4 million in debt. In the legal documents, the $4 million dollar date is from $2 million she owes for the loan on her mansion. She also owes $1,845,451.74 back in taxes as well as an additional $186K for legal bills.
Since the news of her bankruptcy, Kim apparently offered up to $5500 every month to a creditor in order to figure everything out.
A hearing is slated for July where Lil Kim will face a judge in hopes to keep her home and belongings.
Over the years, Kim has flashed the glamorous lifestyle, but what hip-hop fans NEED to understand Being Gucci is a FRONT. Most rappers are flossing a FAKE lifestyle.
The label fronts them money and keeps tabs on every penny spent. They are cool with their artist spending like there is no end to the cash flow. The only problem is this, if your album sales suck, you owe it all back regardless. Many artists are always paying the label back. This is why they don’t pay taxes, because they are living outside their means. When you make that money, invest it, and find other avenues to have a cash flow. Try to have 7 sources of income, so when one ends it ain’t no thang!