In $2022,$ Greg was released from his obligation to pay his personal credit card debt in the amount of $$5,000.$ Greg received a $2022$ Form $1099-$C from his credit card lender showing the entire amount of discharged debt of $$5,000$ in box $2.$ None of the exceptions to the general rule that canceled debt is included in income apply. Greg uses the Insolvency Worksheet to determine that his total liabilities immediately before the cancellation were $$15,000$ and the FMV of his total assets immediately before the cancellation was $$7,000.$ What is the amount of Greg$$s insolvency and what amount can he exclude?

The facts are the same as above except that Greg's total liabilities immediately before the cancellation were $$10,000$ and the FMV of his total assets immediately before the cancellation was $$7,000.$ What is the extent of Greg$$s insolvency and how much can he exclude under the insolvency exception?