At what point is COD Cancellation of Debt effective?

Is it when the creditor accepts a settlement offer and faxes confirmation?

Is it when creditor gets paid the settlement amount?

Or is it when the payment clears?

Or is it when I receive some sort of written confirmation from the creditor?

I am working up my asset listing for my insolvency and need an exact date of when it occurs.

As far as I know COD is effective once the creditor agrees to settle the amount for less and sends you the settlement details in writing or confirm your the settlement details by fax.

Thanks for the reply. Has anyone else claimed insolvency and have the answer that their tax professional gave them?

I just settled with BofA and wanted to know if I have to "inventory" my assets now or at a different time.