Quoted from the PCMCIA-HOWTO: "Card Services can be compiled with support for APM (Advanced Power Management) if you've configured your kernel with APM support. ... The PCMCIA modules will automatically be configured for APM if a compatible version is detected on your system. Whether or not APM is configured, you can use cardctl suspend before suspending your laptop, and cardctl resume after resuming, to cleanly shut down and restart your PCMCIA cards. This will not work with a modem that is in use, because the serial driver isn't able to save and restore the modem operating parameters. APM seems to be unstable on some systems. If you experience trouble with APM and PCMCIA on your system, try to narrow down the problem to one package or the other before reporting a bug. Some drivers, notably the PCMCIA SCSI drivers, cannot recover from a suspend/resume cycle. When using a PCMCIA SCSI card, always use cardctl eject prior to suspending the system."
You should use the internal modem in a laptop instead of a PCMCIA modem, if possible (it may be a WinModem).