Preheat oven to 350 F. Spray the bottom and sides of a 9x9 baking dish.
Break stale croissants into 1-inch pieces. Set aside.
In a bowl, use an electric mixer to beat softened cream cheese until smooth.
Add granulated sugar and cream until smooth. Be sure to scrape the sides of the bowl to get all the cream cheese.
Mix in eggs, followed by vanilla extract, until well combined.
Beat in evaporated milk. Mixture should be thick but liquidy.
Add half of croissant pieces to the bottom of prepared pan. Top with half of chocolate chips.
Pour half of cream cheese mixture on top, being sure to saturate croissants evenly.
Repeat steps 7 and 8 to add another layer of croissants, chocolate chips, and custard on top. Let sit for 20 minutes or overnight (see note).
Bake in preheated oven for 50-60 minutes, or until custard is set. Cover loosely with foil halfway during baking to prevent overbrowning.
Let cool slightly for 15 minutes, dust with powdered sugar, if you like, and serve warm.