Ok, here is the situation, any help or pointers to the right resources to look up the info myself greatly appreciated.
Somewhere around seven or eight years ago, I lost my job and had to move back out of state for a while, I didn't have much credit to speak of, just a couple of low limit credit cards and a car loan.
I held on to the car and kept up the payments at first, then fell behind for a while, then caught back up, then my financial situation broke down to the point that I just stopped paying them. The advice I was given (and for all I know it was the wrong advice) was to just put the car in storage somewhere until I was back on my feet and could negotiate something with the loan company, since otherwise it would get repo'd, sold off for a small amount, and I'd still owe almost the whole amount but with no car to show for it.
Fast forward to today. I got a 1099-c form stating a cancellation of debt for the amount of the loan. I didn't get any other sort of paperwork, just an IRS form with no real clue of what to do. I've done the basic research, it would seem that the loan has been canceled leaving me with a tax liability and the loan company with a writeoff, so far I'm clear enough.
What I'm completely unsure of is the status of ownership of the car itself and any further debt collection in regards to it. Everything I've been able to find talks about these cancellations of debt being common after a car is repossed, but this one never was, and it would appear that the canceled debt is the full amount I owed on the car.
So what happens now? All I can really tell for sure is that I owe the IRS taxes on the amount since it's being canceled, but what does that cancelation actually mean? Can they still attempt to collect on the debt and/or repossess the car even while canceling the debt and reporting it as income?
Answers are helpful, but even some pointers of where to look for concrete information would be really welcome.
Thanks in advance