In Hard Times, Houses of God Turn to Chapter 11 in Book of Bankruptcy
December 24th, 2008
Read the Full Article at News2
“Who gives $700,000, 700, 700?” he called out. One man, a representative for a local bank, raised his finger. The auctioneer tried in vain to nudge the price up. “Sold!” he cried. St. Andrew Anglican Church had just been bought by the bank that had started foreclosure proceedings against it. –
The Wall Street Journal reports During this holiday season of hard times, not even houses of God have
been spared. Some lenders believe more churches than ever have fallen
behind on loans or defaulted this year. Some churches, and at least one
company that specialized in church lending, have filed for bankruptcy.
Church giving is down as much as 15% in some places, pastors and
lenders report.