It’s likely to be a momentous week in the auto industry, perhaps the most earth-shaking the industry has seen. As of now, the signs are pointing to a likely bankruptcy filing for General Motors, the world’s largest carmaker as recently as 2007.

According to a report in the Washington Post last week, the Obama administration is preparing to send GM into bankruptcy, similar to what happened with Chrysler on March 30. A Reuters report citing a U.S. Treasury spokeswoman refuted that article. While the fate for the automotive giant isn’t yet machined in billet aluminum, there are telling signs that it is heading down the road to bankruptcy.

An announcement that GM is filing for bankruptcy hinges on a deadline set by the Obama administration for the company to reach agreement with its other creditors, as well as autoworkers. The company has until next Monday, June 1, to meet the requirements or it will not receive further government funding without filing for bankruptcy.

On Saturday, President Obama said he is “confident” GM can thrive after its restructuring.

In an SEC filing last week, the company indicated that bankruptcy is more likely, and GM Chairman Fritz Henderson said bankruptcy was more “probable.”

Last week, the company registered the Web site gmrestructuring.com, mirroring a URL Chrysler has used to communicate its significant corporate news related to its own crisis.

In some positive signs for GM, the company reached an agreement with the United Auto Workers yesterday to fulfill one of its obligations to the Treasury Department. And the government agreed to a $7.5 billion loan to GMAC, the automaker’s former finance arm, which loans money to both dealers and consumers to buy GM and Chrysler cars.

However, GM has failed to secure bondholder support for a debt-for-equity swap that could have helped prevent bankruptcy, according to a Reuters report.

Meanwhile, Chrysler may emerge from bankruptcy as early as Wednesday, after bankruptcy judge Arthur Gonzales cleared the way for the sale of most Chrysler assets to a new company managed by Fiat on May 27.

As we have reported earlier, this may leave consumers with legal claims against Chrysler vying with the government and bondholders for the few assets left behind.

Before you buy a car from a bankrupt automaker, see our advice.

We will continue to monitor this fast-moving story, reporting here in the Cars blog and also updating advice and news on the Auto Crisis hub.

—Eric Evarts