The Crosier Fathers & Brothers filed for Chapter 11 bankruptcy protection at a US Bankruptcy Court in the District of Minnesota on Thursday.
Attorney Mike Finnegan from Jeff Anderson & Associates PA said: "We applaud the strength and courage of all of the sexual abuse survivors who have come forward and shared their truths.
"The Crosiers are doing the right thing by working with survivors in order to facilitate a transparent and fair resolution for everyone involved."
The Crosier Fathers & Brothers, which was founded in the 18th century, has been dealing with 43 child sexual abuse cases.
The Minnesota Public Radio News reported that most of the allegations date back to the 1970s and 80s and refer to a preparatory school run by the order. The school has since closed.
Prior Provincial Fr Thomas Enneking said: "All of the acts of abuse occurred more than 30 years ago.
"The Crosiers have attempted to find pastoral and healing solutions for those who were harmed, and we believe that a Chapter 11 reorganization allows us to resolve known pending claims simultaneously, manage our financial resources and continue to serve those in need through Crosier ministries."
According to lawyers, The Crosiers have also agreed to release the files of Crosiers individuals credibly accused of child sex abuse.
The order voluntarily released an updated list of 19 priests and brothers with credible child sexual abuse allegations in March 2014, expanding on a list published in 2002 containing eight names.
Those priests and brothers worked in various locations throughout the country, including Minnesota, Arizona, Indiana, Michigan and New York.
The Crosier Fathers & Brothers have their headquarters in Phoenix, Arizona but also have a community in Onamia, Minnesota.