Bankruptcy is a negative mark on the credit reports and it stays on record for 7 years. NO credit is better than late payment history. A steady job history is good, however, stability of the current job is equally important because the banks look for repayment from your "future" income.
Are you filing chapter 7, 11 or 13? There are differences between the filings ... for the sake of simplicity: 7 = liquidation, discharge of existing debts | 13 = repayment of all or part of the debts | 11 = reorganzation. Are the debts under "both" of your names? Is there a possiblity to concentrate the debt to just one of you to take the bankruptcy hits, while allowing the other person credit remain undamage?
I suggest you work with a non-proft credit counseling agency (http://www.credit.org/about/Locations, there are others so please furhter research) and they will help you to create a plan to get you and your husband back on track to recovery.