I have my wort fermenting right now and its almost been 7 days. I was wondering can I bottle it after the seven days and let it sit for another 21 or should I put it in another 5 gal. bucket to sit for another 21 days?
It basically depends on your final gravity readings. If your fermentation is complete and you're not interested in clearing it anymore then I don't see any reason not to bottle.
Make sure you have the same gravity reading from your hydrometer two days in a row. That will let you know that your fermentations is done. But if you rack it to a secondary for a week it will allow the beer to clear much better.
I'd wait until you're sure fermentation is complete before bottling. Racking is not necessary though, you can leave it in the primary for another week then bottle.