Is Cancellation of Debt on loan to Corporation taxable to personal Guarantor on the loan?

[CH50]

I am the sole shareholder of a corporation in bankruptcy. The Corporation has a loan with a lender on which I am the personal guarantor. The lender is writing off a large portion of the loan, does the cancellation of debt constitute income to me as the personal guarantor on the loan to the corporation.

[tagteam]

You need to speak with bankruptcy counsel concerning this issue.