I heared it from one of my friend that GM - Chevrolet going to bankrupt very soon! Is it true or market rumours?

All I've heard are strong rumors. If the government runs it like Congress I assume it will. I'm not sure people want Chevrolet smart cars and Chevy Volt.
This depends on fuel prices which I assume are going up in the future.

According to the Drudge report It will happen at 8:00 A.M. EST. I imagine it will be Government Motors Corp.