The Diocese of Albany filed for chapter 11 bankruptcy on March 15, 2023. In its initial case filings, the Diocese explained that its bankruptcy filing provide: “(i) the opportunity to maximize its assets for the benefit of abuse survivors, (ii) provide a process to administer claims of creditors (both victims of abuse and parties who, in good faith, provided goods and services to the Debtor), (iii) create a process for victims to assert their claims and have them fairly and impartially considered and compensated; (iv) give the Debtor some certitude in providing for claims not yet adjudicated and whose amounts have not yet been determined; and (v) the ability to provide assurances to those in the community who rely on the vital services it provides that those spiritual, educational and social services needs will continue to be met.”

The Debtor indicated that at the time it filed for bankruptcy it held assets totaling $37,736,642 and liabilities totaling $10,298,453.