Our previous view ascribed a 50 percent to 60 percent probability to a Delta Chapter 11 filing. We now think it's 80 percent to 90 percent, primarily to the recent surge in oil prices north of $60 a barrel,

has made no decisions at this time regarding a Chapter 11 filing.

We'll go over the qualifications of filing for bankruptcy and the difference between Chapter 7 and Chapter 13, the means test, the advantages and disadvantages, the pitfalls of filing, what's exempt and nonexempt.

Given that the first half of December is a relatively quiet time for travel, Delta has been able to re-accommodate most of the passengers on other Delta flights.

The next several weeks will be critical for the U.S. airline industry,

[Wednesday's] bankruptcy filing by Delta and Northwest is a grim reminder of the strains being placed on the government's pension-guarantee program.