Lil Kim reorganizes her debts, now wants bankruptcy case dismissed

The rapper says she finally understands how to manage her paper.

Rapper Lil Kim has been able to get her finances in order and believes she is no longer in need of bankruptcy help from the courts.

Dawn Onley

Jun 5, 2019

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Looks like Lil Kim believes her finances are so straight that she no longer needs the help of bankruptcy proceedings.

The rapper, who filed for Chapter 13 bankruptcy in May 2018, now says she doesn’t need the court’s help to protect her from creditors, according to The Blast, which obtained court documents showing that Kim is asking a federal judge to dismiss her filings for bankruptcy. Initially, Kim sought bankruptcy to save her New Jersey mansion from foreclosure. The filing immediately stopped the lender from making moves towards repossessing her home.

The time allowed Kim to retain a lawyer and work out a loan modification agreement with the bank to ultimately prevent her from having to move out.

Kim first filed for bankruptcy after a creditor sought to auction off her home once she failed to pay her June 2018 mortgage payment of $10,155.47 on her Alpine, New Jersey estate. Foreclosure proceedings for the 6,026 square foot house began in 2010. According to Page Six, Kim bought the estate in 2002 for $2.3 million.

A creditor asked a judge to grant them permission to sell her house and use the money to pay off her debt.

Kim asked for more time to save her home and pay off her outstanding debts. She filed for bankruptcy initially because while her assets totaled around $2.5 million, her liabilities supersede her assets by about $1.5 million. She also owed roughly $1.8 million in back taxes, The Blast reported.

Now, that she’s got her finances straight, we want to know when we can expect her new album. Last month, Kim dropped the single “Go Awff,” but her fifth studio album – which would mark her first album in 15 years – has been delayed. Some fans took to IG to ask her when it’ll drop.

Kim told fans that in April, her label pushed back the release date. But then she released the album cover, which has many speculating that it’s coming soon.