The Gen Zer, who works full-time for an energy company and earns $60,000 [Australian, approximately $39,000 USD] a year, was forced to declare bankruptcy after finding herself $75,000 [Australian, approximately $48,000 USD] in debt and unemployed.
She pointed out that the bank chose to give her a “ridiculous” amount of money and she was surprised to find out how quickly she could spend it.Bankruptcy is a legal process where you are declared unable to pay your debts. A person who declares bankruptcy can be released from most debts and be allowed to make a fresh start.
Chantelle figured she’d be able to pay it back when she got home because she’d work overtime, but things fell apart when she fell ill. She attempted to go on a management plan and said she reduced her hours, but her health didn’t improve. “We then had to move and buy furniture. Then after six months I still was trying to find a job, using credit to pay for rent and food and using one loan to pay another, and it was snowballing,” she shared.