Archdiocese of Milwaukee files for bankruptcy

In January, the Archdiocese of Milwaukee filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court.  Then this Monday, the church turned in financial statements showing that the church has about $40.7 million in assets and $24 million in liabilities.

The Catholic church began struggling financially after two dozen people filed abuse claims against members of its clergy dating as far back as more than 20 years ago.  The bankruptcy court will have to determine how much is to be repaid to the church’s creditors and possible victims.  Before the filing, officials say that the church had $7.1 million is available for paying off debts.