How much money would you have to be in debt to go bankrupt?

Ms Mayhem asked: I read an article the other day that said the average 18-25 yr olds go bankrupt on is $1000 ! That’s ridiculous! Kids treat it like its nothing these days!
Gees it sounds like alot of costs in the states. But this was in Aussie.

What happens when you short an stock and it goes bankrupt?

tmac5445 asked: Would this be a 100% gain? Say I shorted CFC, 100 shares at $7 and it goes bankrupt, how much money would that be? Thanks!