Co-signer on car...buyer now in bankruptcy..help??

I co-signed on a car (i was 18 at the time) 2.5 years ago. Payments were made on time for all that time until the buyer filed for bankruptcy and was not allowed to make payments. Now on my credit under negative accounts it says the loan of 12,000 is now a charge-off. but now the car loan place (hsbc) is trying to have the car removed(thru an appeal to the court) from the bankruptcy so they can retrieve it and not lose money . I am so confused as to what to do...would I be able to have this removed from my credit and put solely onto the buyer's fault?