Whether GM declares bankruptcy or not, they must start building more appealing cars....... immediately. In fact, every new model they release from here on out must be as good or better than Japan or Germany. They must start beating Japan at it's own game of near perfect reliability with minimal/zero recalls, and improve fuel economy accross the entire board. They must start beating Germany at it's own game of outstanding handling and performance. GM must make safety features such as side and full curtain airbags and 4 wheel ABS standard on every model WITHOUT raising the sticker price. That's the only way the company will survive in the long run.
These are the basic points which drive sales and profits with every successfull manufacturer, no matter where they are headquartered. GM is severely behind the times in those aspects, and bankruptcy or not, those are the keys they must focus on completely.