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Multiple Debtors. For debts of $10,000 or more incurred after 1994 that involve debtors who are jointly and severally liable for the debt, you must report the entire amount of the canceled debt on each debtor's Form 1099-C. Multiple debtors are jointly and severally liable for a debt if there is no clear and convincing evidence to the contrary. If it can be shown that joint and several liability does not exist, a Form 1099-C is required for each debtor for whom you canceled a debt of $600 or more.
So if the amount discharged is above $10k - the creditor is required to send form 1099C to you.
Regarding timing... If the debt was discharges in 2005 - that means - form 1099C must be issued in 2005 and not many years later.
So it looks as the form is issued incorrectly.
What to do? Contact the sender and point out that the form is issued incorrectly and ask to correct the year issued.
If they refuse - you would need to file a formal complain with the IRS.
But you may not ignore that reporting.