It depends on the lender when they issue the form. The debt is considered cancelled once your lender/creditor no longer expects for that money to come and they close their books. Although they normally would have issue the 1099-C earlier, this is the year that they have closed their books on this debt and are notifying you AND the IRS of the cancellation.
There is no amendment or adjustment to make. Simply enter the 1099 as printed and follow the TurboTax interview.
If you are insolvent, here is some good info on that:
https://ttlc.intuit.com/replies/5713860
