General Motors filed for bankruptcy this morning.

The Chapter 11 filing represents the largest corporate bankruptcy in history, and it was precipitated by federal government threats to cut off loans to the company if it didn’t meet specific restructuring goals. (Learn how bankruptcy works.)

With this move, the federal government now deems GM’s plan viable and will provide an additional $30 billion into GM to keep the company afloat through the bankruptcy process. The government is expected to own 60 percent of the new company. The governments of Canada and Ontario will lend $9.7 billion and take on 12 percent of the new GM.

As part of the further restructuring, General Motors will close 11 facilities and idle another three. However, GM is committed to building a new small car in an idled UAW factory, increasing the production percentage of American-made models sold in the United States from about 66 percent to over 70 percent.

Under the bankruptcy plan proscribed by the Treasury Department, GM is expected to emerge from bankruptcy quickly, in about 60 to 90 days, while some unprofitable GM divisions, including Hummer, Pontiac, Saturn, and Saab will be closed or sold off. The new, leaner GM expected to emerge from bankruptcy will include the Buick, Cadillac, Chevrolet, and GMC brands. The company will close about 18 percent of its dealerships.

Should the bankruptcy be similar to Chrysler’s Chapter 11 process, there may be concerns for consumers being left without recourse from the company for product defect, personal injury, or “lemon” claims. Consumers Union recently wrote a letter to the federal Autos Task Force urging the Treasury Department to make sure legitimate consumer claims do not become a casualty of the bankruptcy process.

To get answers to the most common questions and concerns about Chrysler’s and GM’s bankruptcy, check out our Auto Crisis hub.

—Eric Evarts and Jeff Bartlett