So according to legal documents, the rapper known as Lil Kim filed for chapter 13 bankruptcy last month and has accumulated more than $4 million in debt. Kim reportedly owes about $2 million on a loan for her home in New Jersey, $186,000 for legal fees, as well as $1,845,451 in back taxes ($1,469,105 in unpaid federal taxes from 2004-2017, and $376,346.74 in unpaid state taxes from 2004-2017).
Kim claims she has a total of $2,573,300 in assets and earns about $18,286 in monthly income—$12,784 of which goes towards expenses. Queen Bee has offered to pay her creditors $5,500 every month for the next five years, and has also proposed to sell her New Jersey home to repay her debts; but according to The Blast, a trustee for the bankruptcy has already opposed her plan.
A hearing is scheduled for July.
Kim is reportedly working on a follow-up to her 2005 studio album the Naked Truth. The project would also mark the rapper’s first full-length release since 2016’s Lil Kim Season mixtape. We've yet to receive a release date for Lil Kim's upcoming album; however, she's in full promotional mode for her latest single “Spicy” featuring Fabolous. On Friday, the rapper went to Twitter to tease the track's upcoming music video.
Now that she's facing some serious financial issues, we wouldn't be surprised if Lil Kim starts coming out with new material and projects within the next several months.