A year after filing for Chapter 13 bankruptcy, the 'Magic Stick' hitmaker informs a federal judge that she has got her finances in order and no longer needs protection from her creditors.
- June 5, 2019
AceShowbiz - Lil' Kim has asked a judge to dismiss her bankruptcy case, as she now has her finances in order and is not at risk of losing her home.
The "Crush on You" hitmaker filed for Chapter 13 bankruptcy last year (2018), in a bid to resolve her debts and save her New Jersey mansion from foreclosure after she missed a $10,155 (£8,020) mortgage repayment.
According to documents obtained by The Blast, the hip-hop star is now asking a federal judge to dismiss her bankruptcy, as she has got her finances in order and no longer needs protection from her creditors.
In a new filing, the rapper states that since filing for bankruptcy, she has been able to get a loan modification for her home in Alpine, New Jersey.
At the time of her original Chapter 13 filing, the star had assets amounting to a little more than $2.6 million (£1.9 million), liabilities of just over $4 million (£3 million) and an outstanding tax bill in excess of $1.8 million (£1.34 million).
Before she began bankruptcy proceedings, Kim's creditors asked for permission to auction off her mansion to help pay off her debts, claiming it was worth at least $2 million (£1.58 million).
Kim pleaded with the judge not to allow the auction and to give her time to reorganise her debts. The estate was due to be foreclosed on and auctioned off, but the bankruptcy proceedings paused all legal actions over the home.
