Is a Chapter 7 or Chapter 13 right for me? There are many questions to consider. Do I need to save my home from foreclosure? If the answer is no, chapter 7 can possibly save your home and wipe out credit card debt enabling a homeowner to focus on the home bills. A Chapter 13 Bankruptcy may allow the home owner to strip off a second mortgage and restructure his/her debt into a 3-5 year payment plan.