SMARTFINANCESOLUTIONS.NET - Bankruptcy questions.?

Find the best financial services for you at: SMARTFINANCESOLUTIONS.NET - Bankruptcy questions.? - My husband and I are considering Bankruptcy and are trying to determine of it is truly our best option. I have approx. $45,000 in debt for a car, truck, ATV, and motorcycle on my credit (selling them is not an option since we are upside down on all of them). He has approx. $10,000 in unpaid bills on his credit.
My credit is still very good (high 700's) and i am not late on any of the payments at this time but we were both laid off at the first of the year and took about a $70k/year pay cut we have depleted our savings trying to stay afloat and simply cannot afford to pay for these things anymore.
I know my credit will take a bad hit if we file bankruptcy but how bad of a hit will it take and how quickly can I start to rebuild?
We are renting right now but would like to buy a house in the 5 years. How bad will that impact us buying a house?
We are willing to send all of the items back and do a chapter 7 is that better than 13?
What if we just do a voluntary repo? would that be better than bankruptcy? -