Lil' Kim Files Bankruptcy Over $4 Million Debt

Rapper Lil' Kim has officially filed for bankruptcy over a $4 million dollar debt, as well as nearly $2 million on back taxes.

According to The Blast, Kim filed the Chapter 13 bankruptcy paperwork in May, and has also offered to sell her mansion in New Jersey to help pay some of what she owes.

Her current assets total $2,573,300, but she owes creditors $4,084,841.60. Additionally, she owes $1,845,451 in back taxes.

The outlet goes on to report that her monthly income is around $18,286, with her expenses costing approximately $12,784. This leaves the rapper with roughly $5,000 after bills are paid.

Among Kim's assets are the $2.3 million New Jersey house, a 2000 Mercedes Benz valued at $4,200, and a 2005 Bentley Continental GT estimated to cost $52,600

The "How Many Licks" rapper also reportedly possesses $25,000 in household furniture, $5,000 in electronics, $5,000 in clothing and apparel, and $25,000 worth of jewelry.

Kim also claims that she owns three entertainment companies that are worth over $150,000 combined. She has gone on to say that her Queen Bee Entertainment raked in over $360,000 in 2017. She apparently estimates the company's monthly income to be around $43,000, with expenses of about $25,000. This leaves her with a profit of roughly $18,000.

The Blast reports that through the business Kim spend approximately $2,200 on apparel and $10,000 on travel and entertainment expenses.

Additionally, Kim reportedly recorded a total income of $823,659 in 2016, $398,000 in 2017, and $90,678 so far this year. She lists supporting her 3-year-old daughter as well, but did not reveal if she is paid child support.

According to reports, the rapper proposed a payment plan that would see her making monthly payments in the amount of $5,500 to the creditors that she owes for five years, but a bankruptcy trustee is said to have already objected to that proposal.

The case remains ongoing at this point.

Lil Kim is not the only rapper to face trouble over financial issues this year, as in late March "Ruff Ryder's Anthem" rapper DMX was sentenced to a year behind bars over tax fraud charges.

In addition to DMX being served a one year prison sentence, the judge in his case also ordered him to pay back the $2 million in taxes that he owes to the government and ordered that he complete three years of supervision following his stint in jail.

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The rapper had been hoping to avoid prison, with his lawyers making attempts similar to Kim's to rectify the amount of money DMX owed.

At this time, Kim's situation does not appear to be as dire as DMX's, as no jailtime talk has come up.