gurantor on foreclosed mortagge

I guaranteed a mortgage refinance for my parents. They eventually were unable to make the payments and have now decided to file for bankruptcy. I have had a decrease in income since they refinanced and cannot afford the payments myself either. they were told that if they file for bankruptcy my credit will no longer be impacted by the foreclosure and their non-payment of the mortgage. The mortgage delinquency already shows on my credit report and I'm not confident that the advice they are getting about how their filing for bankruptcy will impact my credit is correct. Is it correct that I will have the debt removed from my credit report once they file for bankruptcy?