Since you are discharged in bankruptcy, you are not obligated to pay either loan, if you walk away from the property. Your spouse, if she is a coborrower, would remain liable, which mean that she can be sued to satisfy the loan, unless she also files for bankruptcy.
If your spouse is not a coborrower, and the property has no equity value, then walking away would seem to be the obvious answer. Why would you pay a debt for which you have no further obligation. If your spouse is a coborrower, then she would need to file for bankruptcy protection
Note: Very recently, the 11th Federal Circuit Court of Appeals ruled that junior loans on principal residences could be "stripped" off in a Chapter 7. So, if the property value was less than your first loan at the date when you filed your original bankruptcy petition
, then you may be able to ask the court to reopen your bankruptcy, strip off the second loan, and leave you obligated for only the first loan. Whether or not this would be a viable option, I don't know, but since it has only become an option in bankruptcy very recently, you may want to discuss the possibility with a local bankruptcy attorney.
For a competent referral, see this link.
Hope this helps. NOTICE
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