Question: How is personal liability on a debt determined? Box 5 of Form 1099-C is checked. Box 7 of Form 1099-C contains an amount. The lender

How is personal liability on a debt determined? Box 5 of Form 1099-C is checked. Box 7 of Form 1099-C contains an amount. The lender can repossess or foreclose property securing the debt. The taxpayer's liabilities exceed the value of their assets

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