Foreclosure is a process. If you are available to make all of your back payments while staying financially solvent you should do so. If you can get your mortgage payment current without further assistance the foreclosure process will be immediately halt as soon as payments are current and any applicable late fee is paid.
In general, couples filing for bankruptcy jointly are allowed twice as much exempt property value, which makes sense since it is the property of two individuals instead of one. Some pieces of property, such as a home may have a specific allowable exemption value regardless of whether it is a couple filing or an individual.