If a debt is joint and several, as nearly all joint debts are, then the entire balance will be due by the other person, if one person goes bankrupt.
So if your wife enters into bankruptcy, then as you have predicted they would chase you for the lot.
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Abbreviations used in DQF
My advice is guidance only, if you want the law then consult a lawyer!
(c) All Spelling mistakes are my own design, infringement of them may result me sulking!