Question: Personal liability on a debt will be determined by whether _ _ _ _ _ _ _ _ _ _ . Box 5 of Form

Personal liability on a debt will be determined by whether __________.
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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