Chapter 11 is bankruptcy protection and enables a company to reorganise whilst being protected from its creditors, the idea is to have the company emerge as a viable entity rather than be carved up and the creditors receiving X number of cents on the dollar of their claims. As stated earlier, time is the main factor, the longer it goes on the worse it gets. Boeing is too big to fail, especially with Donald Trump in office.
The company's lawyers will no doubt have come up with a number a possible scenarios and strategies to deal with them. Chapter 11 would be an absolute worst case assuming the MAX never flies again, Boeing is on the hook for lost income compensation to the airlines which bought the MAX, all the aircraft already produced have to be scrapped, and the costs involved in developing a new narrow body whilst their income is reduced to defence and widebody divisions only.
So while bankruptcy is not really on the cards they might have to do a share issue to make some cash, it would be selling shares they only recently bought back
This would certainly incur another huge loss as the price they paid would be substantially more then they would receive at the moment and dumping a huge number of shares on the market would depress the price even further.
Even a best case scenario of the MAX returning to service late this year and the lawyers managing to minimise any claims will still leave them billions of dollars out of pocket but would avoid the stigma of bankruptcy protection.