ATLANTA — The idea that Delta Air Lines might file for Chapter 11 bankruptcy protection once would have provoked astonishment. For most of its 75 years the Atlanta-based airline has been among the stronger members of a volatile industry.

Now, with Delta weakened by a relentless 3 1/2-year financial slump and saddled with high costs, bankruptcy speculation is no joke. The airline itself has raised the Chapter 11 warning flag if it cannot retool to adjust to compete in a rapidly changing industry.

Any court filing is still months away, most industry experts believe. Some say a pay-cut pact with pilots could still buy the Atlanta airline enough time to fix its high costs and regain its competitive form.

But what happens if Delta does file bankruptcy? Many already wonder how a Chapter 11 filing by one of the nation's largest airlines, which operates a hub at Salt Lake City International Airport, would affect customers, employees and retirees.

Here are a few key questions and answers about what would — and wouldn't — happen in a Chapter 11 case at Delta.

Question: Would a Chapter 11 filing mean Delta is going out of business?

Answer: No. The idea of a Chapter 11 filing is to enable a company to restructure its finances under court supervision while still conducting business. A bankruptcy case may lead to strategy changes or asset sales, but the goal is typically to operate as normally as possible and to emerge intact. On the other hand, there are no guarantees of a successful reorganization. A company that cannot restructure may be forced into Chapter 7 bankruptcy and liquidated to pay off creditors.

Question: Why would Delta consider filing for Chapter 11?

Answer: If management concludes it cannot reduce the company's high costs and manage its $20 billion debt load, the board of directors could use court protection to essentially freeze its debts and work out a reorganization under a judge's supervision. With a judge's approval, Delta would be able to reject its pilot labor contract and some airport, office and aircraft leases and other agreements to negotiate new terms. Delta's debt-holders and creditors would likely agree to forgive a portion of their claims and to convert some debt to stock or other holdings in the reorganized company.

Question: Would passengers be directly affected by a bankruptcy filing?

Answer: Experts say it's unlikely Delta would make significant changes in its flight schedule or frequent-flier program, so as not to send customers elsewhere. However, it's possible the carrier could cut flights as it seeks to streamline operations.