When the church enters bankruptcy
from Church Executive Magazine
Churches were long considered good credit risks. Weekly collections tend to be steady, even during recessions, and churches feel a moral tug to pay debts. Most of the nation’s churches carry little or no mortgage debt, and are based in buildings that were paid off long ago. But some churches, especially those not affiliated with major denominations, borrowed briskly to build or expand in recent years. Spending on construction of houses of worship rose to $6.2 billion in 2007 from $3.8 billion in 1997, according to the U.S. Census. Now, churches are seeing congregants lose jobs and savings.
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