He will not be able to buy a home for a period of time and, yes, you will need to take measures to rebuild your credit afterward. The time frame is different depending on whether you file for Chapter 13 or Chapter 7. You need to talk to a lawyer and/or a mortgage professional to make sure what the time frames are. I believe, if you file for Chapter 13, restructuring your debt, you may be able to get an FHA loan after a year or two of making regular payments to the trustee. However, with Chapter 7, (and again, please check this with an attorney and a mortgage professional) the wait time is 3 years. During that time you need to also re-build your credit. The easiest way to do that is with secured credit cards and/or automobile loans. Basically, you will open a Certificate of Deposit with a bank for an agreed upon dollar amount, then they will issue you a credit card with a line of credit using the CD as security. Once you have established a pattern of regular, on time payments, they will release the CD back to you to do with as you wish. The CD will, I believe, accrue interest during this time. You will need 3 lines of credit, so three credit cards or two credit cards and an automobile loan. Expect to pay a higher interest rate but it is the best way to rebuild your credit.
Good Luck! Don't feel badly, an awful lot of Americans are in the same shoes these days, you will come out of this fine and be better for it.