Bankrupcty anyone?

As a result of the downturn in the economy, bankruptcy is on the rise for both personal and business type bankruptcies, with no end in sight.
I consider myself as one of the smarter people, who would rather rent than pay to own a house. If you think about it, when you are paying your mortgage, you are actually leasing a property that the bank owns, and therefore, paying the property taxes for the bank, as long as you live in that house. Oh , and let's not forget about the house insurance that you need to pay, which is usually added into your mortgage payment, which of course makes your mortgage payment higher than if you would be renting the house next door.
Getting back to the point that I was trying to make, renters don't pay property taxes, their landlords do, and that is while the landlords are leasing their rental property from the bank, so that they can rent it to a tenant. As a result of me being a renter, instead of paying to own a house, I was able to stay out of the housing bubble collapse, and am not put into a position where bankruptcy is the only way I can survive during this recession/depression. I am still able to survive on my own. I decided to stop using my one and only credit card because I am choosing to use cash instead, so that I can only buy things when I have enough cash to buy them.
I am happy that I am not one of the majority, who are now in the same boat with their mortgages becoming upside down, due to all of the bad loans from the subprime loan trickery, which caused, and is still causing, many homes to succumb to foreclosure.
I know that bankruptcy is usually a last resort with most people, but now that the economy is in a recession/ depression, bankruptcy is starting to become a necessity for survival.
This video is about bankruptcy .... a word of caution, it is definitely an eye opener.