What is Chapter 11 bankruptcy?

Chapter 11 bankruptcy (often known as 'not my fault, try and get me, nyaah!) is a simple legal procedure that can be explained in a few short sentences.
Unfortunately for you, I get paid by the word, so this is going to go on forever. You might want to skip to the end, where I end, which I've labeled 'the end.' Otherwise, hang around for the kind of financial education only vouchsafed to the heirs of Rockefeller and J.P. Morgan.
The first order of bizness in filing for Chapter 11 is to find a competent lawyer. This is usually accomplished by looking for an attorney who is still vertical after Happy Hour. If you're that lucky, things should go swimmingly for you. Or else you'll drown. Either way, the editors are paying for every single word I'm writing here so I don't give a carrot peel about your uncle who used to be an attorney but was turned in for cooking the books when he only meant to cook spaghetti. The law is blind, and doesn't much care for oregano either.
Next you'll be scheduled in a bankruptcy court. These dens of iniquity pimple the countryside like a rash. That's because, next to homicide, suicide, and can't decide, bankruptcy is America's favorite pastime. 
The best way to schedule your case is to wave a hundred dollar bill under the nose of the docket clerk. His or her eyes will glow with cupidity and as soon as they have penciled you in you can skedaddle with your c-note. Most court clerks are too fat and lazy to give chase. If you happen to get a svelte one then just yell 'habeas corpus!' and they'll disappear in a cloud of toner.
During the hearing the judge may ask you for proof of expenditures for the last two years. You won't have any proof, of course -- since your lawyer conveniently gathered it all up the week before and sent it to Costa Rica for laundering and they take forever to get it back. Plus there's always buttons missing.
So just have your lawyer tell the judge that due to circumstances beyond belief your data has been hacked -- not only that, but also slashed, burned, and replanted with oil palm trees. 
In all likelihood you and your attorney and the judge will then adjourn to the nearest outdoor cafe for a cup of hibiscus leaf tea and a hearty laugh at the expense of anyone who has read this entire article thinking they were being informed on something useful.
"The End."
The above is meant only as a suggestion; any resemblance to a real piece of information is entirely by chance and doesn't count as a question on Jeopardy.