| Type | Private |
|---|---|
| Industry | Financial Services, Debt settlement |
| Founded | 2006 |
| Headquarters | Santa Ana, California, USA |
| Key people | Harry Langenberg and Jesse Torres, Co-Founders and CEOs |
| Website | Debtmerica.com |
Debtmerica Relief is a debt settlement company based in Santa Ana, California. The company has served more than 20,000 clients since its inception in 2006 and was recognized by Inc. Magazine as one of the fastest growing companies in America. Debtmerica ranked #34 in the Inc. 500|5000 top 100 fastest growing companies within the Financial Services Industry, with an overall ranking of 784 and at the top 20% of the Inc. 5000 fastest-growing private companies in America.[1]
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The company was founded in 2006 by Harry Langenberg and Jesse Torres, two Wharton Business School alumni.[2] The company negotiates on behalf of indebted consumers who are experiencing a financial hardship with the goal of avoiding bankruptcy (Chapter 7 or Chapter 13) by settling their unsecured debt at a discount to the principal owed. The company primarily serves consumers for whom debt consolidation or home refinancing is undesirable or an unavailable option, and those who cannot afford either the credit card minimum payments or the payments required in a credit counseling or a debt management plan.
With the passage of Bankruptcy Abuse Prevention and Consumer Protection Act and the financial crisis of 2007-2009, debt relief options for consumers significantly decreased (with both bankruptcy and mortgage refinance becoming much harder to qualify for), increasing the demand for debt settlement.[3]
Debtmerica has an ongoing volunteer relationship with the Orangewood Children’s Foundation, and staff members participate in sponsoring events for foster youth.