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Lil' Kim seeks bankruptcy protection in New Jersey

Chapter 13 bankruptcy has many benefits, with the main one being that people who don't qualify for Chapter 7 often qualify for Chapter 13. It allows for higher incomes to continue to be made while paying down debts.

Any Chapter 13 bankruptcy's major benefit is that it doesn't require you to give up any assets. In a recent report, popular singer, Lil' Kim filed for Chapter 13 bankruptcy. She filed for Chapter 13 bankruptcy protection over $4 million in debts she faces.

Some of the debt she allegedly owes is to the Internal Revenue Service (IRS), which claims she has $1.5 million in back taxes due. She states that she is $666,474 behind on payments for her home, which costs a reported $2.3 million, and she says her income has fallen dramatically from around $823.659 in 2016 to just under $400,000 in 2017.

On top of this, it's believed that she owes around $200,000 in legal fees, which just adds to the overall debt she wants to consolidate through the bankruptcy. She has assets, but they don't come near what they would have to be to pay off the debts she's accrued.

As you can see, anyone can fall into debt, even with an income that is close to half-a-million dollars. No matter what kind of situation you're in, there could be a bankruptcy option that is right for you. The right kind of bankruptcy can help you protect all you've worked for, so you don't lose everything as a result of a drop in income or financial mistakes that are hurting your ability to pay back debts.

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