The Boy Scouts of America says they have filed for bankruptcy in order to ensure that "victims of past abuse in Scouting are equitably compensated."

The BSA made the announcement in two different statements on Monday, saying, "Our plan is to use this Chapter 11 process to create a Trust that provides equitable compensation to victims."

The organization says that Chapter 11 will also ensure that BSA will "carrying out its mission for years to come."

The Associated Press reports that the BSA has faced financial trouble as of late due to dwindling enrollment, and an increase in lawsuits from victims of sexual abuse while enrolled in the program.

Enrollment has dropped from 4 million people in the 1970s to 2 million in recent years.

The AP says the bulk of lawsuits are from abuse that occurred in the 1960s through the '80s. Since then the BSA has changed prevention policies to improve protection of young people in its programs.

"The BSA cares deeply about all victims of abuse and sincerely apologizes to anyone who was harmed during their time in Scouting. We are outraged that there have been times when individuals took advantage of our programs to harm innocent children," says Roger Mosby, President and Chief Executive Officer. "While we know nothing can undo the tragic abuse that victims suffered, we believe the Chapter 11 process – with the proposed Trust structure – will provide equitable compensation to all victims while maintaining the BSA’s important mission."

In an open letter to victims of sexual abuse the organization says it wants victims "to know that we believe you and we are committed to supporting you."