1. Size does matter. It's true that it takes a long time for a big airline to go out of business. Usually, the carrier will be in and out of bankruptcy several times before merging with another airline or going belly-up. But small airlines can vanish from one day to the next, leaving you with a worthless ticket. So unless your airline is considered one of the majors, all those pledges of "business as usual" aren't worth much. Strategy: If you have to fly on a small airline, pay for your ticket with a credit card. You'll get your money back if the carrier liquidates.

2. Your schedule will probably change. Bankrupt airlines cut routes — it's a normal part of the reorganization process. So while the airline may continue to operate, there's no guarantee that your particular flight will still operate on the day you're planning to travel. Odds are your flight will be rescheduled. Strategy: Your airline's terms and conditions — also known as the contract of carriage — provides for either a new itinerary that you approve of, or a cash refund, when a flight is rescheduled. (The contract is available on your airline's Web site.)

3. Your frequent flier miles aren't as safe as they say. Historically, when a bankrupt airline goes belly-up, your frequent flier miles are transferred to a healthy airline. At least that's what happened when TWA, Eastern and Pan Am flew off into the sunset. But will it happen next time? It might — and it might not. Since those bankruptcies, frequent fliers have collected trillions more miles. That's a huge liability. Strategy: Burn your miles. Redeem them now for a ticket or a magazine subscription. They don't age well, anyway, so even if your airline dies and the miles are accepted by another airline, they won't be worth as much.

4. Surprise: You can't sue a bankrupt airline. Not the way you probably think, at least. If you have a big problem with an airline operating under Chapter 11 protection, you have to take it to a bankruptcy court. That could be a big hassle — and you could end up with nothing. Strategy: Bankruptcy laws give priority to smaller unsecured claims — $2,100 per individual — for items paid for but not delivered, like a flight that was grounded by a bankruptcy, say legal experts.

5. If your carrier stops flying, don't count on a bailout. True, the law requires another airline to accept your ticket on a space-available basis, after a charge of between $25 and $50. But check before trying to invoke that rule, because the law keeps getting extended by Congress before it expires. There's no guarantee they'll continue doing it, however. Strategy: Avoid a bankrupt airline on an obscure international route. If it does liquidate, and there's no other airline that serves the destination from your airport, you're out of luck.

6. Customer service is not going to improve in Chapter 11. Contrary to what an airline might tell you, customer service isn't a high priority. Emerging from bankruptcy and turning a profit is. So do the math: with low employee morale, earnings in a freefall and lots of probable layoffs, you might be treated with a bit more respect than cargo. But not much, experts warn. Strategy: If you find an airline isn't following the rules, file a complaint with the federal Department of Transportation. It can be e-mailed airconsumer@dot.gov or phoned at (202) 366-2220.

7. All of the contracts aren't thrown out. During bankruptcy, an airline is often allowed to cancel some of its contracts. (For example, it can be released from aircraft and gate leases or expensive union agreements.) But the one contract it can't weasel out of is the agreement with you: its contract of carriage. (Not that it doesn't try. During the first round of 9/11-induced bankruptcies, the Department of Transportation had to issue a memo to airlines reminding them that their contracts were still valid.) Strategy: If you're flying the bankrupt skies, consider going to your airline's Web site and making a printout of its contract. You never know when you might need it.