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.
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