Churches close, but they don't generally go bankrupt. Even in America, where there are lots of small religious groups and lots of religious debt, bankruptcy is rare. It doesn't happen, except when it does.
Which is not to say it happens for no reason.
Pamela Foohey, of the University of Illinois College of Law, looked at more than 450 congregations filing for bankruptcy over a six-year period. Her study shows that the Protestant churches going bankrupt almost always cited external circumstances, out of the control of the religious leadership. The effect the financial crisis had on giving was referenced a lot in court documents. Natural disasters, such as Hurricane Sandy, were said to precipitate the financial problems.
Yet, while storms both natural and economic surely took their toll, they don't actually explain the religious bankruptcies. The 2008 financial crisis touched everyone, but not everyone went bankrupt.
A common factor among these religious groups, Foohey found, was their ecclesial organization. That is to say, they tended to be churches built around the charisma of one person.