Most of us have seen this coming, but now that it appears to really be happening it is quite amazing that this day has come. It was just last year that GM finally handed over its long running title of the world's largest auto maker. It was at the top of the pile for 77 straight years.

And yet, the Detroit car maker is broke. It really boils down to sales. Over the past 4 years the domestic auto market has fallen from 16 million vehicles to a projected 10 million in 2009. It's not hard to figure out how the company was able to lose $88 billion over the past four years.

Last year the writing was firmly on the wall, but this has been coming for some time now, and it is time to wonder what will happen next.

Going through bankruptcy proceedings will reduce labor costs for the company, as well as reduce its credit obligations, but the company must address its market share if it plans to rebuild itself. For the first time ever the company is looking at a market share of less than 20%, and if it does not move quickly that figure could continue to plummet.

If the company can't find consumers to buy its cars, things could get a lot worse over the upcoming years for General Motors. Assuming it does file for bankruptcy on June 1, it will be the third largest company ever to declare bankruptcy, behind Lehman Brothers and Worldcom Inc.

How do you feel about this potential bankruptcy filing. Will General Motors emerge as a stronger player, or are we just seeing the beginning of the end for the Detroit auto maker?