Lil Kim has been looking amazing lately and that’s part of what has landed her to file for bankruptcy. The rapper claims she spends $12,784 in monthly expenses which includes hair, makeup and wardrobe. Kim is $4 million in debt which includes $2 million she owes for her NJ home and $1.8 in unpaid taxes.
Court documents show that she is offering to pay $5,500 a month to a creditor hoping to sort it all out. A hearing is scheduled for July to see if this is suitable. The documents show that Kim makes $18,286 a month and her assets include a 2000 Mercedes worth $4,200, a 2005 Bentley worth $52,600 and jewelry worth $25,000. Kim’s NJ home is going up for auction at the end of this month.
Meanwhile Kim is doing as many shows this Summer as she can and is reportedly working on a new album to help lift up her bank account. Let this be a lesson to all up and coming artists, keep a good accountant on retainer and speed dial.