The IRS will probably make an adjustment to your tax return if you do not report the 1099-C. Remember the IRS gets all the tax forms as well, so they will be looking for it on your tax return.
If you cannot pay the taxes that you owe, you can always set up an installment agreement with the IRS. Click the following link to start the process on setting up an installment agreement: https://www.irs.gov/individuals/payment-plans-installment-agreements
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