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Your cancelled debt may be reportable income and thus taxable.  In general, if you have cancellation of debt income because your debt is canceled, forgiven, or discharged for less than the amount you must pay, the amount of the canceled debt is taxable and you must report the canceled debt on your tax return for the year the cancellation occurs.  Although, the IRS does allow for some exceptions, such as the following:

EXCEPTIONS to Cancellation of Debt Income:

1. Amounts canceled as gifts, bequests, devises, or inheritances
2. Certain qualified student loans canceled under the loan provisions that the loans would be canceled if you work for a certain period of time in certain professions for a broad class of employers
3. Certain other education loan repayment or loan forgiveness programs to help provide health services in certain areas
4. Certain student loan discharges after December 31, 2020, and before January 1, 2026
5. Amounts of canceled debt that would be deductible if you, as a cash basis taxpayer, paid it
6. A qualified purchase price reduction given by the seller of property to the buyer
7. Any amounts discharged from certain federal, private or educational student loans

Amounts that meet the requirements for any of the following exclusions aren't included in income, even though they're cancellation of debt income.

Here is a link to the IRS webpage where the above information was obtained.

Cancelled Debt: Is it Taxable?

Certain lenders that cancel a debt of $600 or more are required to file Form 1099-C with the IRS and issue a copy to the borrower.  Although, given your tax situation, it appears they will not be sending you one.   

@stratdx