Lil Kim reorganizes her debts, now wants bankruptcy case dismissed – theGrio

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Rapper Lil Kim has been able to get her finances in order and believes she is no longer in need of bankruptcy help from the courts. The post Lil Kim reorganizes her debts, now wants bankruptcy case dismissed appeared first on theGrio.. Read more

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Rap legend Lil Kim is fighting to save her New Jersey home and pleaded with the courts to reevaluate her bankruptcy case. The "Came Back for You" artist. debt. However, the rapper is now.

Lil Kim is having money troubles. The Brooklyn born rapper reportedly filed for Chapter 13 bankruptcy citing millions in outstanding debts. Kim allegedly filed last month, but details about her.

The bankruptcy court controls the processing of bankruptcy cases. In many instances, the court must issue orders to force a debtor or creditor to cooperate. For example, the court may order a debtor to disclose certain assets, or may order a creditor to stop any attempts to collect a debt while the debtor’s bankruptcy case is pending.

Bankruptcy Proceedings and Discharge of Debts. One result of a bankruptcy action can be a "discharge" or cancellation of the debtor’s debts in whole or in part. Normally, when a debt is canceled or "forgiven," the amount of the debt is treated for tax purposes as income to the debtor.

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