Chrysler Owners & Buyers shouldn't panic.

The word "Bankruptcy" sounds scary but there's good news here, too!

The word bankruptcy in headlines along with the name of the company that made your car - or a car you're thinking about buying - could send your blood pressure soaring.

Now relax. While this may not be the best news you could have heard, it's far from the worst.

I'm more reassured, said Jack Nerad, executive editorial director at the automotive data company Kelly Blue Book.  "I think people should be reassured".

There's actually far more certainlty for the future of Chrysler today than there was even a week ago.

With Chrysler continuing to operate, your warranty will be intact and there will still be Chrysler dealers out there to service your car. There may be fewer of them in the future, as Chrysler has said it intends to reduce the number of dealers, but they & we will be here.

That's because, in the past few days, deals have been worked out  with Chrysler's major debt holders, the United Auto Workers Union and the Italian automaker Fiat, which stands ready to enter a deal with Chrysler as part of bankruptcy proceedings.

What all this means is the company is not going belly up.  There still are significant risks for all automakers but, on balance, the news is probably good for Chrysler and those who own its products. The entire auto industry is presently struggling under a troubled economy.

Through the bankruptcy process and the deals it has already made with lenders and its unions, Chrysler will have cleared the way a huge swath of problems. That's the good news in all of this.

This ultimately leaves Chrysler able to concentrate on things like building better cars and trucks.

The Fiat deal will help there, too, giving Chrysler access to Fiat's fuel efficient small cars as well as engines and transmissions that can be used in Chrysler designed products.

If you're thinking about buying a Chrysler car or truck, one difference you will encounter is who finances your car.  From here on out it will be GMAC, not Chrysler Financial. That's not bad - just different. GMAC is America's largest provider of automotive lending and it just got bigger!

Chrysler has not gone bust, It will be a revised car company better positioned to design and build great cars and trucks that Americans love to drive and own.

This article was written by Peter Valdes-Depana, CNNMoney.com senior writer 4/30/2009