Even churches are not immune from financial difficulties. A cathedral in Orange County, California filed for Chapter 11 bankruptcy earlier this year and now has hopes of emerging from bankruptcy protection.

The church's lawyers went before a bankruptcy judge earlier this week to discuss the possibility of accepting a proposal from two possible sources of funding. With the increased cash flow from either another church or a religious university, the chapel could be allowed to end its bankruptcy filing.

In total, the church is hoping to get a $51.5 million loan to expand its campus and keep church services running. This proposal includes the option to lease the campus and repurchase at a later date. This came after the church had already decided to accept the university's offer, but the other church raised its own offer to counter it.

When the church filed for Chapter 11 bankruptcy last year, it was drowning in debts worth $36 million.

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