Cage and Braxton: Latest Stars to Face Financial Troubles

Two of Hollywood's biggest celebrities are facing financial troubles that could land them in bankruptcy court.

According to a federal tax lien notice obtained by celebrity gossip site TMZ, actor Nicolas Cage owes the IRS more than $6.6 million in unpaid income taxes. The notice shows that Cage owes more than $70,190 for his 2002 taxes, nearly $180,000 for his 2003 taxes, $110,617 for his 2004 taxes, and over $6 million for his 2007 taxes.

It is still unclear why Cage--who was paid $20 million for his performance in National Treasure--did not pay his taxes.

Cage's spokeswoman has declined to comment on the issue.

Also facing financial woes is multi-award winning singer Toni Braxton.

Braxton, who famously filed for Chapter 7 bankruptcy in 1998, is now facing foreclosure of her Century City, Calif. home.

Earlier this month, City National Bank sued Braxton for $675,000 for failing to pay a promissory note.

In addition to foreclosure, Braxton is involved in a two-way lawsuit with Lloyd's of London.  Braxton is suing Lloyd's of London to collect under a "non-appearance" and "cancellation" policy after a heart problem forced her to cancel her 2006 Las Vegas concert.  Not only is the insurer refusing to pay--insisting that Braxton failed to disclose that she had a pre-existing heart condition--but it is also countersuing Braxton for an undisclosed amount.

Although Braxton successfully emerged from Chapter 7 bankruptcy, she clearly has a tough road ahead of her.

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