Lil Kim Files For Bankruptcy…Owes $4million Debt

American rapper Lil Kim has reportedly filed for bankruptcy and is auctioning off her New Jersey home to help pay off a staggering $4million debt.Court documents, as reported by numerous US sites claim that she currently earns $18,000 a month, and spending $12,784 a month alone in expenses. The star, who became one of the leading female RnB performers in the 1990s, reportedly owes $1.8million in back taxes to the government.Kim, born Kimberley Jones, currently shares her mansion with her three-year-old daughter, but it is expected to go under the hammer on 29 June to the highest bidder. A $2million home loan, $186,000 in legal bills are also among the debts listed. As for assets, she listed $2,573,000 worth of goods including two cars (one a Bentley worth $52k), furnishings in her home, and $25k in jewellery. She added that she does not receive any child support from the father of her daughter, Royal Reign. TMZ is now claiming that she could end up in court next month after her offer to pay back the debt at $5,500 a month was denied by her trustee.Photo Credit: Getty

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