I've been playing the game of waiting for a few down-days (like we have now) and selling a few near-the-money GM put options with about a month to expiration. Then, they either expire worthless, or I am assigned the shares. If I am assigned, I've collected several dividends, and I sell calls on the assigned shares, slightly out of the money, repeatedly, until the shares are called away.
I have been doing this with GM for about the past 2 years, and it has been working great.
I don't care what GM does long term, but I think the risk of BK is low, since they just did that recently ;)