The rules work like this: Depending on what year the S debt was forgiven, losses can be carried back for 2 or 3 tax years and forward for 15 or 20 years from that year.
But we were lucky enough to be born in a country where here, everybody gets a fair shot, everybody does their fair share, everybody plays by the same set of rules -- no matter what you look like, no matter where you come from, no matter what your last name is, you can make it here if you try.