Tammy: Hi, I'm Tammy Trujillo. I'm here with Raj Wadhwani, a bankruptcy attorney with Wadhwani & Shanfeld. You know Raj, with economic times the way they are right now, a lot of people are virtually living on their credit cards just to stay afloat. They've gotten themselves in over their heads and they can't even make their minimum payments anymore. So if they can't or don't want to file bankruptcy, do you have some options?
Raj: There are non-bankruptcy alternatives with credit cards. And you're right, people are in over their heads and it's a cycle that's very difficult to get out of. With the alternatives that we offer, are settling the credit card debt for a percentage of the amount that they owe.
Tammy: Well, what's your secret on this?
Raj: Well, it's really not a secret, it's our experience. We've filed over 10,000 cases and have been doing this for over 30 years cumulatively. We use our leverage as a bankruptcy firm with these creditors that we see over and over again, to settle their debt.
Tammy: What sort of results are you getting with these credit card companies?
Raj: We are getting our clients down about 40-60% inclusive of our fees.
Tammy: So what would your fees be for doing credit card settlement?
Raj: You know, unlike a lot of those debt settlement companies out there who charge a lot of front-end fees, we charge no front-end fees, and our fee is a percentage of what we save our clients.