Chrysler is in bankruptcy court Wednesday, asking to sell-off it's assets to Italian car-marker Fiat.

Chrysler's attorneys say the deal with Fiat is the only way the auto-giant can avoid liquidation.

Meanwhile, bankruptcy for auto-maker General Motors is looking more and more likely.

GM is expected to announce Wednesday that most bondholders have not agreed to the debt for equity swap that was going to keep them out of bankruptcy.

GM needs an additional $50 billion in financing.    

And some experts say that will leave the U.S. government owning as much as 70 percent of the company.