Credit to: Lil’ Kim Has Filed For Bankruptcy, Owes $4 Million To Creditors By: J Harvey
Well, now we know why she was being investigated for robbery. Applause goes to Kimberly Denise Jones for deftly showing up that tired Tori Spelling and her tired amount of unpaid taxes. Representing the East Coast in the war between celebrity tax dodgers, pioneering rap icon Lil’ Kim has applied for bankruptcy, according to The Blast. I think we all know what where her cash went. It went to finance her ongoing performance art piece – “The Many Catlike Countenances Of Lil’ Kim.”
(Yes, “pioneering.” Can you recall a lady rapper spitting such dirty lyrics before her? Don’t give me “Push It,” that track was clean enough for a Geico commercial.)
Kim allegedly owes $4 million to creditors and has offered to sell her New Jersey mansion to pay off her debt. Wait, can’t Nicki Minaj just give Kim her career back so she can make the scratch to get right with her lenders? I kid, Nicki’s a true original.
According to court documents obtained by The Blast, the rapper filed for Chapter 13 bankruptcy last month. She assets totaling $2,573,300 and liabilities in the amount of $4,084,841.60. She owes $1,845,451 in back taxes alone.
This next part made me half jealous/half sad for Kimberly. The jealousy is over the fact that she makes over 200K a year, but the sadness stems from an icon like Lil’ Kim only making over 200K a year. Shouldn’t she make ALL of the money for her guest verse on the “Lady Marmalade” re-boot alone? *sad-face*
Kim’s average monthly income is $18,286 and her expenses total $12,784, leaving her with around $5k after paying her bills.
Her assets include her $2.3 million New Jersey home, a 2000 Mercedes Benz worth $4,200, a 2005 Bentley Continental GT ($52,600), $25k in household furniture, $5k in electronics, $5k in apparel, and $25,000 in jewelry. She also says her three entertainment companies are worth in excess of $150,000.
As for how much and to whom she owes it, it breaks down like this:
– $2 million owed to a loan company relating to her New Jersey home – $1,469,105 in unpaid federal taxes from 2004-2017 – $376,346.74 owed to the New Jersey Division of Taxation for unpaid taxes from 2004-2017
– $186,000 in unpaid legal bills
Kim claims she’s made $90,678 so far this year, and that she made $398,000 in 2017 and $823,659 in 2016. She’s proposed a payment plan wherein she’ll pay $5,500 to her creditors for the next 60 months, in addition to her planning to sell her house or modifying her mortgage.
The moral of this age-old story is pay your damn taxes unless you want to be embarrassed publicly. The surprise twist of this story is that nowhere in there does she appear to owe any money to the people who did that to her face. That’s the bill she paid on time?
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