Lil Kim Declares Bankruptcy After Facing Big Debts

Lil Kim has declared chapter 13 bankruptcy after the bank foreclosed on her New Jersey mansion

The 42-year old owes $1.47 million in back taxes and has more than $4 million in total debts.

According to the filings, Kim is $664,474 behind on payments for the $2.3 million house in Alpine.  Her income has dropped from $823,659 in 2016 to $398,000 last year.

Kim spends $6,610 a month on her mortgage, $2,200 a month on wardrobe, $10,410 a month on travel and entertainment, and $2,317 on staff.

Her assets include a 2000 Mercedes worth $4,200, a 2005 Bentley worth $52,600 and jewelry worth $25,000.

Kim's home is scheduled to be auctioned off on June 28. She's hoping the bankruptcy restructuring will allow her to sell it on her own terms.