Hearts will not go bust altogether, no way, but they might end up in administration. Rangers are far more likely to go into administration, and this is when the likely punishment gets interesting.
Dundee were the last Scottish club to meet that fate, and only got a 25 point penalty, so I suppose that is the starting point.
The powers that be then have to consider that if Hearts go first, they would pretty much have to apply the same punishment to Rangers if they go next. Rightly or wrongly, there is a belief that "Scottish football needs Rangers" and needs them to be strong and successful, so I wouldn't be surprised if they got a sympathetic hearing, blaming it all on the previous owner, and get a penalty that might cost them the title, but still guarantees Rangers a European place.
So with that in mind, Hearts may well get away with less than a 25 point penalty, and having plenty of Edinburgh businessmen to step in, they would still be able to put together a team with a much bigger wage bill than us or Dunfermline and would therefore avoid relegation, particularly with the head start they currently have in the league table.