The Largest U.S. automaker and former cornerstone of American manufacturing will likely be headed to bankruptcy court within the next week. This news comes as General Motors and its bondholders could not come to an agreement Tuesday.

GM is offering the bondholders payment in the form of stocks for all of the money they are owed. The problem is that the stocks at current value are worth far less than the money they are looking for. GM needs about 90% agreement among the bondholders, but those that agreed with the terms Tuesday were definitely in the minority.

In related news, Chrysler which filed for bankruptcy protection last month could emerge from Chapter 11 protection in the near future.

Chrysler’s bankruptcy could be just what it needed to turn the company in the right direction. If you are in a dire financial situation, you should contact a Dallas-Fort Worth Bankruptcy attorney today to see if bankruptcy can help you.