(FORTUNE Magazine) – Is the U.S. Catholic church going to go bankrupt as a result of sexual abuse settlements? No. There is no such thing as the U.S. church. There are 178 Roman Catholic dioceses; each is responsible for its own financial affairs. The sex abuse suits are against either an individual diocese or individual leaders of a diocese. The buck stops there. It is theoretically possible for a diocese to go bankrupt, but it has never happened. Not only would bankruptcy be humiliating, but it could mean unpaid victims would become creditors. That would give them a say in the subsequent reorganization--something the church would much rather avoid.

Will churches and hospitals be sold? Almost all Catholic hospitals and universities, and many high schools, are independent corporations; problems in a diocese are not their problems. As for parish property, it depends on the civil law. In states where dioceses are organized as "corporations sole," property is held in the name of the bishop. Parish churches and schools therefore could be seized as part of a settlement, though no case has gone that far. In states where dioceses are organized as "corporations aggregate," parishes are probably off the hook as they are separately incorporated.

Where does the money to pay victims come from? Most comes from insurance, the rest from asset sales, loans, and donations. In a 1998 Dallas case, plaintiffs were awarded a judgment of $119 million, but when it was clear the diocese wouldn't be able to pay, the case was settled for $36 million. Two-thirds came from insurance and the rest from the sale of two undeveloped properties owned by the diocese.

Almost all of today's allegations of abuse date from the 1960s, '70s, or '80s. Few date from more recent years, perhaps because of public awareness and screening by the church, perhaps because there is a time lag. Victims of abuse from the late 1980s on, however, can expect slimmer settlements, as high premiums and low coverage--perhaps $1 million per diocese--have become the norm. That's a far cry from the $50 million-plus that was common in the early 1980s.

Are people protesting with their wallets? Not really. The diocese of Lafayette, La., was the first to have to pay a substantial settlement, back in 1985, but donations never faltered. The same was true for Dallas, which settled an awful series of cases against a predator-priest in 1998. Ditto for Palm Beach, which has just lost two bishops in a row. Even in the Boston area, parishes report that Sunday collections are stable, although there have been calls to boycott the annual Cardinal's Appeal, which funds the diocese. That six-month campaign begins in May, so it is too soon to know what will happen. Catholics are not taking their anger out on their local parishes.

What have the scandals cost so far? There has been about $350 million in announced settlements in the past 20 years; the figure for private settlements is unknown. Additional costs are for legal fees and therapy. Dioceses have so far proved capable of taking one blow; repeated suits would be devastating.

Will the Vatican enter the fray? The Vatican is a sovereign state and can't be sued. Besides, it doesn't have any money.

How about cashing in some of its treasures? Not likely. Rome will not set that kind of precedent to bail out the world's richest Catholics.