In really basic terms Chapter 11 is when a company is protected from creditors so they can restructure. Most of the little guys that they own money to will get nothing. The rest will likely get pennies on the dollar. During Chapter 11, they get to do massive restructures to the organization. Most everyone loses somethung but the company has a chance to survive.
Chapter 7 is more like close the doors and sell everything.
Chapter 11 is what Kodak went through several years ago. There is a lot of information online about that journey.
What’s a Kodak? ;)