The Philadelphia Business Journal reported that the Pennsylvania-based company filed for bankruptcy in the U. S. Bankruptcy Court in Delaware.

In December, Wentworth laid off 120 of its 200 employees and closed its Las Vegas office. J.G. Wentworth, founded in 1991, is owned by New York-based JLL Partners and buys structured settlements, annuities and life insurance policies from injured car crash, product liability, dog attack, bike accident, defective equipment, slip and fall, premises liability, and other negligence case plaintiffs who have settled their claims and receive periodic payments. Wentworth buys the annuity or structured settlement for a lump sum payment at a discount to the payments’ present value.

Herndon Reston area injury lawyer Doug landau has lectured to other lawyers as to how the Virginia Workers Compensation Commission (“VWC”) discourages this practice. The VWC’s position is that the approval of a structured settlement is “in the best interest of the injured worker.” The state government does not want people tampering with or selling this protected and tax free financial planning tool. Loudoun Fairfax Injury Board member Landau agrees that these special Court approved settlements should not be sold to companies that advertise on television.