Lil’ Kim Files for Bankruptcy

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Rap superstar Lil’ Kim filed for bankruptcy in New Jersey last month, according to TMZ. She claims she’s $4 million in debt.

According to court documents, Kim owes $2 million on a loan for her New Jersey home and $1,845,451.74 in unpaid taxes, in addition to $186,000 for legal fees.

She wants to settle the case and has offered to pay $5,500 a month to a creditor. A hearing is scheduled for July.

Kim has been working on a new album, her first since 2005’s The Naked Truth, set for release on Entertainment One/Queen Bee Entertainment. In March, she dropped her latest single “Spicy” featuring Fabolous, for which a video is due soon.

Kim joins other hip-hop stars who have filed for bankruptcy including DMX, Ms. Lauryn Hill, and her “Magic Stick” collaborator 50 Cent.

Source: Rap-Up

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