LeAnn Rimes and Eddie Cibrian are allegedly strapped for cash that they are in danger of losing their home. Meanwhile, the country singer is set to release her greatest hits.

An article from OK! magazine alleged that LeAnn Rimes and Eddie Cibrian are on the verge of going bankrupt.

"OK! obtained legal documents that show that Eddie and Leann couldn't afford to pay the full down payment on the Hidden Hills, Calif. home they purchased in 2012," it said. "So, they went to close friends Dave and Elizabeth Fradin, who at the time let them borrow over $300,000. It's been three years but the money still hasn't been paid back."

Then Dave and Elizabeth Fradin tried to collect the money owed to them by LeAnn Rimes and Eddie Cibrian and if the couple couldn't find a way to pay back, they could lose their home, the article added.

"It's not super surprising that Eddie and Leann are struggling to pay the bills. Their VH1 reality show, Leann & Eddie, was one of the network's lowest-rated ever, plus, Leann's 2013 album, Spitfire, was a bomb," the article added.

In fact, LeAnn Rimes and Eddie Cibrian are so bankrupt right now "that they can barely afford groceries," OK! added.

But if the article is true, then Rhino Records have given LeAnn Rimes and Eddie Cibrian a lifeline over their money troubles as it will release a collection album on July 10.

"The collection will feature the biggest hits from Rimes' career to date including Can't Fight The Moonlight, taken from Coyote Ugly, and her monster smash How Do I Live. Other songs on the collection include I Need You, Nothin' Better To Do and Blue," Entertainment Focus said.

Despite her alleged bankruptcy, LeAnn Rimes remains as one of the most successful country singers around with 44 million album sold and 42 songs listed on Billboard Hot Country Songs chart.