Boy Scouts of America files for bankruptcy

The Boy Scouts of America has filed for bankruptcy.

The youth organization filed a court document in Delaware bankruptcy court Tuesday.

The announcement comes as the organization faces hundreds of sexual abuse lawsuits

C1 3 for bankruptcy!

The youth organization filed a court document in delaware bankruptcy court tuesday.

The announcement comes as the organization faces hundreds of sexual abuse lawsuits abc 36's alex king is in studio with more on this major announcement.

According to the filing... the boy scouts has 50- thousand dollars or less in assets but liabilities between 100 million and 500 million dollars... all while the organization faces hundreds of sexual abuse lawsuits.

The lawsuits report repeated fondling, exposure to pornography and sexual assault.

Last april... court testimony showed that the organization believed more than 78 hundred of its former leaders were involved in sexually abusing more than 12 thousand children over the course of 72 years.

And now that the boy scouts has filed bankruptcy... the lawsuits have been suspended.

The boy scouts of america tweeted out this morning saying... the national organization of the bsa filed for chapter 11 bankruptcy in order to equitably compensate victims who were harmed during their time in scouting and ensure scouting's future.

They continue on to say scouting continues and local councils have not filed for bankruptcy.

Now this could be one of the biggest, most complex bankruptcies ever seen as lawyers seek settlements for several thousand men who say they were victims of molestation as boys by scout leaders.

In studio, alex king,