Rapper Lil Kim’s finances are back in order and her bankruptcy case has been officially dismissed by the court.
According to court documents obtained by The Blast, a New Jersey federal judge has granted Lil Kim’s motion to end the case. Last month, the rapper asked for the case to be closed saying she no longer needed it.
Lil Kim said she had been able to get her finances into good shape and no longer needed the court’s protection her from creditors. She explained all was good after sitting down with a lawyer and obtaining a loan modification.
Kim said the whole purpose of the bankruptcy was to save her New Jersey mansion from foreclosure.
The judge sided with her and has officially closed the case. Lil Kim will now be on her own to deal with creditors and debt.
Last year, Kim filed for Chapter 13 bankruptcy due to $4 million owed to creditors.
The rapper filed for Chapter 13 bankruptcy last month with assets totaling $2,573,300 and liabilities in the amount of $4,084,841.60. She owes $1,845,451 in back taxes alone.
Kim’s assets included her $2.3 million New Jersey home, 2000 Mercedes Benz worth $4,200, 2005 Bentley Continental GT ($52,600), $25k in household furniture, $5k in electronics, $5k in apparel, $25,000 in jewelry and her 3 entertainment companies worth in excess of $150,000.
Her largest creditors include $2 million owed on her New Jersey home, $1,469,105 owed to the IRS for unpaid taxes from 2004-2017, $376,346.74 owed to New Jersey for state taxes from 2004-2017 and $186k in unpaid legal bills.
The bankruptcy revealed Lil Kim was having money issues and had to borrow $25,000 from friend Missy Elliot.
The rapper had to show the court monthly reports of her income and expenses. In the docs, it was revealed her business, Queen Bee Entertainment, spent over $3,000 on Lyft rides which she took multiple times each day, $1,300 at a furniture store and $604 at Kylie Cosmetics Shop.
— Lil' Kim (@LilKim) July 23, 2019
Lil Kim currently stars in the VH1 reality show “Girls Cruise” with TLC’s Chilli and Mya.