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Rapper Lil Kim files for Chapter 13 bankruptcy

Hip-hop fans in Massachusetts and around the country may know Kimberly Denise Jones better by her stage name Lil Kim. The diva shot to stardom in 1996 when her debut album 'Hard Core" topped the Billboard 200, but she has not always fared as well outside the recording studio. Lil Kim's money problems have provided grist for gossip columnists for several months, and media outlets have now reported that the beleaguered rapper filed a Chapter 13 bankruptcy petition in early May just days before a bank foreclosed on her Alpine, New Jersey, mansion.

The artist's Chapter 13 filing suggests that her money issues are largely a result of declining income. Lil Kim says that she earned more than $800,000 in 2016, but court documents reveal that her income fell by more than 50 percent to $398,000 in 2017. The rapper claims that she now earns $18,286 per month and pays $12,784 in expenses.

Assets owned by Lil Kim include a 2000 Mercedes-Benz, a 2005 Bentley and jewelry worth about $25,000. Court documents reveal that Kim owes more than $4 million in secured and unsecured debts including $664,474 in delinquent mortgage payments on the New Jersey mansion she purchased in 2002. Media reports claim that she also owes $1.47 million in back taxes.

Even highly successful people can find themselves in unmanageable financial situations. The bankruptcy laws were drafted to allow individuals to escape crippling debt and provide them with the possibility of a fresh start, but myths and misconceptions prevent many people from taking action. Attorneys with debt relief experience may help dispel these misunderstandings and explain how filing a Chapter 7 or Chapter 13 personal bankruptcy petition puts an immediate end to creditor harassment and opens the door to a new financial future.

Source: The Grapevine, Lil' Kim Files for Bankruptcy; New Jersey Mansion Being Auctioned Off, Angela Helm, June 9, 2018

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