Although she has had an illustrious career in the world of rap, the rapper Lil Kim has reportedly fallen on financial hard times and has, as a result, filed a Chapter 13 bankruptcy. As readers of this Tallahassee bankruptcy blog probably know, a Chapter 13 will require Lil Kim to create a monthly repayment plan and follow through on it for up to five years.
In her paperwork, the rapper indicated she owes almost $1.5 million in overdue taxes. Overall, she listed $4 million in debt, with over $650,000 debt being in delinquent house payments. She is planning to sell her mansion, which she purchased 15 years ago. The house is reported worth $2.3 million, but it
The rapper indicated that she has not been making the same amount of money to which she is accustomed. Specifically, while she was making over $800,000 a year in 2016, she is now claiming to make just under $220,000 a year. She reportedly spends most of her monthly income on living expenses, including expenses for entertainment.
This case illustrates that anyone, no matter how much they make, can run in to financial trouble. The good news is that bankruptcy, whether it be a Chapter 13 as in this case or a Chapter 7, is something all sorts of people can avail themselves of.
Particularly when a person has a lot of property and debts, however, filing personal bankruptcy paperwork and navigating the process can be a complicated affair. In this sort of situation, the assistance of an experienced bankruptcy attorney may be very helpful.