It's Chapter 11, which is a restructuring. We're going to be just fine, thank you for your concern, though
Actually, as a banker having dealt with quite a fair number of companies that filled for bankruptcy during the last 3 years, I can tell you that things will not be "just fine" from now on. Worst case scenario the company could be sold asset by asset and it's employees laid off. That's pretty grim but not unlikely.
I hope though that things will work out for the better and that THQ will survive this bankruptcy for everyone's sake.