1) Is the Statement of Insolvency the same as the "insolvency worksheet" or are they two distinct forms? I only see an option for Statement of Insolvency.
2) If yes to #1: Are the liabilities/Assets supposed to be their value on day before the Event/Cancel Date?
3) Do I include the (total amount) of the debt that was canceled in liabilities if the debt was defaulted/charged off/being pursed by a collection agency? e.g. 1000 was owed, then got defaulted and sent to Collections, who then paid settled for less than the total amount. Would you include the 1000 as a liability?
3) I completed Part I but am unsure how to complete Part II especially since my liabilities still exceeded my assets the day after cancellation. If that is the case, how do I explain that (as they say the number cannot be zero)?
3b) They say you can put the amount you wish to exclude (line 2) in line 10a of Part II, but what does that actually mean/affect your refund?
Any help would be appreciated
