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The American auto industry is running on fumes. General Motors, the nation's largest automaker, warned Friday that it may run out of money by the end of the year after piling up billions in third-quarter losses and burning through cash at an alarming rate.
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National rules for bankruptcy were overhauled by federal legislation in 2005. The new law means that bankruptcy is no longer a guaranteed path to a fresh start and relief from heavy financial burdens.
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