Bank coming after me for old co-signed loan that was closed

I co-signed on a loan that went into bankrupty two years ago. The person wanted to pay the loan so as not to saddle me with debt. However, the judge ruled it an invalid loan and discharged the loan. I knew nothing about this, was never notified. Now two years later, because I was questioning a problem with my credit report(they stated I filed bankruptcy- I called the bank) They want to reopen the loan and have me pay for it. I refused as they have already ruined my credit and the loan was thrown out. I live in KY. Any advise
thank you

[JETX]

Sorry, but YOUR liability in the loan appears to be still valid.

We assume that both of you signed the loan agreement. The other party filed for bankruptcy and they were released from any liability due to their filing (even in the event that the BK court found the loan to be 'invalid').

However, the bankruptcy filing by that person has NO affect on YOUR liability to repay the loan.

And, the bankruptcy court finding of an 'invalid' loan also has NO affect on YOUR liability. If you want, you could consider filing YOUR own legal action to try to void the 'invalid loan', but you would have to do that as a separate legal proceeding.

Okay- so I am liable for this loan- what are going to be my consequences if I don't pay? Will they really reopen this loan?(they charged it off?) They had no intention of coming after me until I approached them asking them what this was all about? thank you

[JETX]

A 'charge off' is NOT a "Free Pass - Don't Pay".

It is only an accounting term to show that a debt has been moved from the Performing (being paid) side to the Non-Performing (subject to collection) side of the 'books'.

The debt is STILL enforcable and, assuming that the Statute of Limitations hasn't expired, can be taken to court.

If a judgment is rendered against you:
1) Your will have to pay the original claimed amount PLUS attorney fees PLUS costs PLUS interest.
2) The statute of limitations is usually MUCH longer with a judgment.
3) A judgment gives the creditor some 'special' rights to enforce the judgment. Things like: garnishing wages, seizing bank accounts, liens on assets, seizing personal non-exempt property, etc.