
This question is far too complex to answer in this type of forum. You need to have a consultation with a bankruptcy attorney in your area who can get all the necessary information and analyze all the relevant factors. Depending on how things are with your wife, you may need to be represented by separate attorneys, so you may each want to get consultations separately.
Mark J. Markus, Attorney at Law
Handling exclusively bankruptcy law cases in California since 1991.
http://www.bklaw.com/
bankruptcy blog: http://bklaw.com/bankruptcy-blog/
Follow Me on Twitter: @bklawr