Bankruptcy. That's an awful word in the vocabulary that every business would like to avoid having to say.

There have been quiet rumors that one or, worse, more, of the so-called "Detroit Three" may be facing the day in one of their press releases. Which one? Pundits say either General Motors or Chrysler.

Ford may be okay, at least for now. Pundits believe the automakerhas  enough cash to take it through the present storm and survive until 2010 which many expect the market to come back by then. Chrysler and GM, on the other hand, are vulnerable because of cash flow problems and bankruptcy is a distinct possibility.

Problem is, declaring bankruptcy won’t help anyway. While the legal status would help Chrysler or GM eject most of its debt, it won't increase revenues, quicken the production of new products, or pay for new technologies.

To avoid bankruptcy, analysts say the automakers should sell some of its assets. For example, GM could sell Saab, Saturn, as well as its Hummer brand. Chrysler could sell Jeep and the Dodge Ram pickup.

What about the government? Well, what about it, argue pundits. They argue that the feds won’t step in because an automaker's bankruptcy won't have the effect as the failure of a Fannie Mae or Freddy Mac or even a Bear Stearns. Some are even saying that the market may not be able to sustain all three domestic automakers. Thus, the demise of a big car maker may help deal with an oversupply problem.