Lil’ Kim Files for Bankruptcy, Drops Teaser Video for ‘Spicy’
It looks like Lil’ Kim is going through some financial struggles. The rap vet reportedly filed for bankruptcy back in May, reports TMZ.
According to the gossip website, Kim is $4 million in debt. Documents revealed that the Hardcore creator owes $2 million on a loan for her N.J. home, over $1.8 million in unpaid taxes and $186,000 in attorneys fees.
Kim is offering to pay $5,500 a month to a creditor so she can manage her debt. A judge will have to sort it all out in a hearing scheduled for July.
This news comes as Lil' Kim’s spacious home in Alpine, N.J., was put up for auction with a measly opening bid of $100. The home had become a financial burden for the rapper in the past several years. According to NJ.com, HSBC Bank initiated foreclosure proceedings in 2010 and then entered into mediation with the Brooklyn rhymer in 2015. After a few court hearings, the judge allowed the home to be placed in foreclosure.
Meanwhile, despite her bankruptcy, the 43-year-old rapper and mom is planning to release her new video for "Spicy," which features Fabolous.
In the teaser clip below, Kim, donning Dolce & Gabanna sunglasses, plays the Queen Bee with her partner-in-crime Bumpy Loso played by Fab. Boxer Deontay Wilder also appears in the vid playing the "Bronze Bomber."
Lil' Kim is currently working on her fifth music project, tentatively called LK5. There's no word on when the album will drop.
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