Lil Kim is in serious debt, to the tune of over $4 Million, and even though filing for bankruptcy last month, she’s willing to sell her NJ home to help settle the debt.
According to The Blast, Kim’s assets total to $2,573,300, but her liabilities amount to $4,084,841.60, with $1,845,451 in back taxes alone from 2004-2017. Kim’s monthly income is $18,286, with $12,784 in month expenses, leaving her with around $5,000 a month.
Now Kim has a considerable amount of assets in regards to jewelry, cars, clothing etc… In spite of that, she owes $2 Million on a loan she took out to purchase her home in New Jersey.
Now Kim has come up with a proposal to pay her creditors, which would include paying $5,500 to her creditors over a period of 60 months. She has also proposed selling off her New Jersey home or restructure the mortgage on her property, to help lay the debt. The trustee in the case has already rejected said offer, but it’s currently ongoing.