Annie in money troubles

Celebrity photographer Annie Leibovitz may be better off declaring bankruptcy than battling a creditor suing her for breaching a contract related to a $24 million loan, bankruptcy experts said.

Art Capital Group, a New York-based company that makes loans using art as collateral, extended Leibovitz $22 million in September 2008 backed by the rights to her photographs and real estate in Manhattan and Rhinebeck, New York, court papers said. Three months later, she got $2 million more, according to a suit filed last week in New York State Supreme Court in Manhattan.

The financing company sued Leibovitz, alleging she refused to cooperate in the sale of the copyrights to her photographs and won’t give real-estate agents access to her properties for sale. Leibovitz has to repay the loan with interest and other expenses by Sept. 8, according to the suit.

Read it in Bloomberg here.