Earlier this week Aloha travelers were left in the cold when the airline announced it had ceased operations, and today ATA announced that it has shut its doors, leaving ticket holders scrambling to find alternate carriers.

Even worse, both airlines are going through bankruptcy proceedings, forcing travelers and their travel managers to dispute the charges with their credit card companies.  That’s truly an insult to injury—especially for those already rescheduling flights to Hawaii, or worse yet, trying to get home from a business trip.

It’s an unstable time for airlines, particularly for the smaller carriers and those already facing financial difficulties. Forbes is predicting “A Bumpy Ride for Airlines in 2008,”  and Reuters  reports that airlines are looking to slash costs and push fees. As the smaller airlines go under, the big players will be better able to raise ticket prices. That’s better for the airline business, but sure to hit business travelers in the pocketbook.

While travelers wait for more fee increases, they can also ponder which airline will fold next.

It’s a hard call to make, but it's wise to check out the New York Times piece on Alitalia before making any bets—or purchasing any tickets.