Hip Hop Star Lil Kim in Bankruptcy
The hip hop star, Lil Kim, has filed for bankruptcy.
With more than $4 million in debt, Lil Kim has sought bankruptcy protection with a Chapter 13 bankruptcy. A Chapter 13 Plan is known as a reorganization where debts are paid back over a period of time, between thirty-six to sixty months.
According to Lil Kim’s bankruptcy petition, her assets total $2,573,300.00, but she has more than $1.8 million due in taxes which includes $1,469,105.00 in federal taxes and $376,346.74 due to the New Jersey Division of Taxation. Her monthly income is $18,286 with expenses at almost $13,000 per month.
Lil Kim’s income has fluctuated greatly since her reported income of $823,000 plus in 2016, $398,000 in 2017, and less than $100,000 this year.
The Queen Bee’s largest debt is the mortgage secured to her property in New Jersey ($2 million). Prior attempts were made to sell her home in order to pay off creditors, but negotiations failed. Lil Kim also has outstanding legal bills in the amount of $186,000.
Her first hearing will be what is called a 341 confirmation meeting or meeting of creditors, which will take place with the bankruptcy trustee assigned to the case, and is approximately thirty days after the initial filing of the bankruptcy petition.
At the 341 meeting, the Trustee will either approve the bankruptcy plan (confirm), or continue the case for another thirty days if additional information is required.
Usually additional documentation is required. During this time period, a debtor is still obligated to continue to pay towards the plan and the numbers will be adjusted accordingly in the future.
Representing clients in the areas of Chapter 7 Bankruptcy, Family Law/Divorce, and car and motorcycle accidents for 20 years.
(904) 712-5565 or (305)-688-LAWS (5297).
*Se Habla Español