Is bankruptcy a viable option to keep my home and lower my payments?

It all depends on what else is going on.  Without a full set of facts, it's tough to tell.  But........when bankruptcy could make sense:

If you have a ton of unsecured credit card debt and the minimum payments prevent you from actually living your life.  (Student loans aren't able to be rolled into a bankruptcy).   If you do a Chapter 7 (debt completely goes away) or Chapter 13 (you pay an amount that the court finds reasonable over a 4-5 year window), your monthly cash flow could be reduced enough to make the rest of your financial life more manageable.

To be careful with....once you file bankruptcy, you will ALWAYS have to answer "yes" on job applications to the question "have you ever filed bankruptcy?".  And, if you are looking for a job that requires a security clearance, a bankruptcy could knock you out of getting higher level security clearances.  It's not as easy as some people make it sound.