California Megachurch Filing for Bankruptcy

The Associated Press has announced that the Crystal Cathedral, a megachurch in Southern California, has filed for bankruptcy.  The church reportedly has debt that surpasses $43 million.

Aside from having a mortgage that costs $36 million, it is said that the church owes $7.5 million to hundreds of vendors for services that range from advertising to the use of live animals during holiday related church services.

At first, the church tried to negotiate a repayment plan with its vendors, but some filed lawsuits to seek quick payment. This led to the coalition of creditors falling apart.

Sheila Schuller Coleman, the Cathedral's senior pastor told news sources, "Tough times never last, every storm comes to an end. Right now, people need to hear that message more than ever."  Coleman is also the daughter of the church's founder, Rev. Robert H. Schuller Sr., who opened the church in the 1950s.

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