While the government and new GM CEO Fritz Henderson hinted that bankruptcy might be a possibility for the American car company, bankruptcy experts disagreed that a bankruptcy, even a quick one, could bring GM to profitability.

If customers are scared away by a bankrtupcy, GM would have little hope of survival. A bankruptcy judge could rid GM of many of its most pressing problems, including crippling debt and union contracts, but it could not force Americans to buy GM’s cars. Obama has said that the federal government would finance a bankruptcy and back the carmaker’s manufacturer’s warranties.

“If you buy a car from Chrysler or General Motors you will be able to get your car serviced and repaired, just like always. Your warranty will be safe.” — President Obama

GM is now on a 60-day deadline to restructure its debt or face bankruptcy. The odds for success aren’t good: 90% of companies that enter Chapter 11 bankruptcy fail within three to five years.