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You would servce a notice of bankruptcy on them and then have a trustee in bankruptcy appointed. They would take the property of the bankrupt, and try to pay creditors such as yourself. The other 1% of the house would be safe.

Why is the bank taking the house? If the loan isn't being prepaid or other breach of mortgage the bank can take the house and sell it, paid off the loan and chase the husband and wife for any shortfall. If the bank is suing the husband for something else, maybe a margin call on a loan or...

Who do you mean by "they"? The wife could sell her property at any time. So could the husband. But care must be taken as transfers to defeat creditors could be void under the bankruptcy act and they conveyancing acts.

Each individual is only responsible for their own debt. So a wife isn't liable for a husband and vice versa. As long as there are not personal guarantees too. If the husband is sued and someone gets a judgment against him, then he will owe them money. He can pay up or the judgment creditor...