Yes, in theory, but you may need to download an Insolvency Worksheet to back your claim.
For Form 892, "Check the box on line 1b if the discharge of indebtedness occurred while you were insolvent. You were insolvent to the extent that your liabilities exceeded the fair market value (FMV) of your assets immediately before the discharge. For details and a worksheet to help calculate insolvency, see Pub. 4681."
Please see this LINK for more information regarding Form 892 and this LINK for canceled debt.
Worksheet
