The rapper filed for Chapter 13 last year.
Plenty of entertainers flaunt their wealth leaving the masses to believe that they have more money than they know what to do with, but not many share their costs of expenses or how much debt they're carrying around. This time last year, Lil Kim filed for Chapter 13 bankruptcy, citing that she only did so in order to save her New Jersey mansion from foreclosure. At the time, the filing ceased all actions against her home, and she was able to retain her beloved luxury dwelling.
Kim was paying over $10K a month for the mansion and once she filed for bankruptcy, her creditor wanted the court to grant them permission to sell the home to pay her debts. The house, which The Blast states is worth $2 million, would have gone to the highest bidder had Kim not pleaded with the court to give her time to reorganize her debts. She also listed her total assets at $2,573,300 and her liabilities at $4,084,841.60, and she also reportedly owed $1,845,451 in back taxes.
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Since then, the Queen Bee has done everything possible to get her finances straightened out. Kim reportedly received a loan modification on her mansion and obtained a lawyer who helped her during the process. She wants a judge to toss out her bankruptcy as she claims she doesn't need protection from creditors anymore. Can we get the album, though?