I am not sure what you mean by "feasible"
If you meant whether such cases do take place, Yes, they do.
If you believe that there has been a violation of your labour rights, you should always complain to MOL.
Yes, you could get on your wife's sponsorship. But you should cancel your labour contract and visa, even if they have expired.
Usually MOL provides a letter mentioning your current situation; in which case, you may not have to pay any overstay fees till the case is solved.