Annie Leibovitz is working hard to pay off her debts. The famed celebrity photog — best known for timeless portraits in go-to glossies like Vanity Fair and Vogue — snapped Britney Spears for an upcoming Candie’s for Kohl’s ad campaign, according to Hollywoodlife.com. The cash-strapped Leibovitz shot the pop star “in various stages of undress” for the new Candies campaign during a top secret photoshoot on the Paramount Studios lot in Hollywood Dec.10.

Liebovitz was on the verge of bankruptcy after last summer unpaid bills, mortgages on several luxury homes, and a $24 million lawsuit from art financial firm Art Capital Group. The two later renegotiated the terms of a defaulted loan and the lawsuit was dropped in December.

Britney’s Candies Spring/Summer 2010 campaign ads will debut early next year.