ALBANY, N.Y. (NEWS10) — Bishop Edward Scharfenberger announced on Wednesday the Albany diocese had no choice but to file Chapter 11 bankruptcy, stating they simply do not have the money to go forward.

“This decision has not come in any quick or precipitous way. It’s been a long haul to this point.”

The filing means no more cases can be filed against the church, including the hundreds of child sex abuses cases. Yet the church said the bankruptcy is an effort to be able to settle abuse claim settlements.

“We attempted to settle as many cases as we possibly could with the resources that we had. We settled upwards of 50 cases. But we’ve reached the limit of our resources.”

In addition to child sex abuse cases, the state’s lawsuit over St. Clare’s pensioners will be on hold.

“It remains unresolved as to who actually was responsible for the collapse of that pension, but it does not change my desire to reach out to everyone of those pensioners.”

Bishop Scharfenberger said the decision impacts the diocese and should not have any immediate impact on individual churches or schools. The diocese made a website for parishioners with more information on the decision.