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There are two separate issue. One is your actual debt and the second is the cancellation of the debt. The creditors have certain number of year to try to collect from you. The statute depends on type of debt and your state regulations. It is usually around 10 years.
When the creditor issue 1099C, it creates another issue and another statute of limitation. The canceled debt is treated as income for tax purposes. The IRS has now 10 years from assessing additional taxes to collect. The IRS also has 3 years from the due date of the return to do the assessment. Because the debt was canceled in 2014, it is still within 3 year statute of limitation for the IRS to review your return.
If you could claim insolvency (your total asset was less than your total debt at or around the time 1099C was issued), you can amend your return exclude the additional income. You can always amend your return and claim the additional income, and deductions instead of letting the IRS recalculate the return for your.
If you were insolvent than include 982 form with your respond. This should be enough.
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