Boy Scouts Of America Could Be Heading For Bankruptcy

The Boy Scouts of America may be headed for bankruptcy.

Anonymous sources told The Wall Street Journal the organization hired a law firm to help with a possible chapter 11 bankruptcy filing.

The outlet says a bankruptcy filing would halt the numerous lawsuits the Boy Scouts are facing and give the organization a chance to negotiate with the plaintiffs. Those lawsuits accuse employees or volunteers of inappropriate conduct.

But it doesn't sound like the Boy Scouts have made a final decision on a potential bankruptcy filing.

The Boy Scouts released a statement Wednesday "in anticipation of news reports that will speculate about the BSA's financial position." And it said no immediate decisions are expected to be made.

Additional reporting from Newsy affiliate CNN.