The debt that is forgiven as earnings. But, we settle with your creditors, you may not have to pay any taxes on the forgiven debt if you are insolvent (you have more liabilities than assets) at the time.
“A taxpayer is insolvent whenever their total liabilities surpass his / her assets that are total. The forgiven financial obligation might be excluded as earnings beneath the ‘insolvency’ exclusion. Usually, a taxpayer isn’t needed to add forgiven debts in earnings to your degree that the taxpayer is insolvent.” – IRS.gov
You shall should consult with a CPA or taxation expert for assist in this matter.
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