Lil’ Kim and her financial woes became public after she filed for Chapter 13 bankruptcy last month. The Brooklyn rapper’s New Jersey mansion is under a threat to be auctioned off after she missed a mortgage payment
The Blast reports:
According to documents in Lil Kim’s bankruptcy she failed to make her June 1 mortgage payment of $10,155.47 on her mansion in Alpine, NJ. It appears Kim may have been letting the property fall into foreclosure, but once she filed for bankruptcy it halted all the proceedings. Now, a creditor in her bankruptcy is asking for permission to auction off the house and use the money to help pay off her debt.
As we reported, the “Spicy” rapper filed for Chapter 13 bankruptcy last month with liabilities towering over $4,084,841.60 and assets in $2,573,300.
She owes $1,845,451 in back taxes alone.
Lil’ Kim and her legal team has introduced a plan to repay the back taxes but the creditor values her home at $2 million and wants to do a quick sale which would knock down a significant part of the debt.