In an op-ed in The Wall Street Journal, Michael Levine, Distinguished Research Scholar and Senior Lecturer, writes that Chapter 11 bankruptcy is the best option for preserving the valuable parts of the troubled General Motors.

Levine, who also discussed the issue on CNN's Lou Dobbs Reports, argues that after 42 years of eroding market share it would cost GM billions of dollars to reduce its high number of brands and dealerships to be at levels closer to its more successful competitors Honda and Toyota.

"If GM were told that no assistance would be available without a bankruptcy filing, all options would be put on the table," he writes. "It wouldn't be easy but, unlike trying to bail out GM as it is, it wouldn't be impossible."