The airline listed its estimated assets and liabilities in the range of $1 billion to $10 billion each, according to a court filing on Monday.

Monday's filing followed years of struggles for the Florida-based airline, which is known for its no-frills, low-cost flights.

Spirit Airlines declared bankruptcy Monday, but your holiday travel plans shouldn’t be affected. The budget airline announced it was filing for chapter 11 bankruptcy protection in order to restructure over $1 billion worth of debt,