What is pro rata basis with example?

For example, if someone buys an insurance policy that's quoted at a certain price for a full year of coverage, but that person only signs on for half a year's worth of coverage, they would pay the insurance company on a pro rata basis that would come out to half the value of the full policy.

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Sample Letter for Pro Rata Share of Bankruptcy Estate

Maricopa Arizona Sample Letter for Pro Rata Share of Bankruptcy Estate

Name: Maricopa Arizona Sample Letter for Pro Rata Share of Bankruptcy Estate
Brand: US Legal Forms
Rating: 4.82 (357 reviews)

Category:

Letters - Legal - Bankruptcy

State:

Multi-State

County:

Maricopa

Control #:

US-0837LTR

Format:

Instant download

Description

This form is a sample letter in Word format covering the subject matter of the title of the form.

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In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. If the debtor has any remaining funds, the money is divided proportionately among the creditors, according to the amount of the individual debts.

In other words, the property remains vested with the bankrupt's trustee for six years after the bankrupt is discharged. Before the revesting time, the trustee may give the bankrupt written notice per subsection 129AA(4) that the revesting date is extended for up to three years at a time.

The amount due to each shareholder is their pro rata share. This is calculated by dividing the ownership of each person by the total number of shares and then multiplying the resulting fraction by the total amount of the dividend payment. The majority shareholder's portion, therefore, is (50 / 100) x $200 = $100.

How to calculate pro rata salary Divide the full-time annual salary by 52 (number of weeks) Divide the result by 40 (standard full-time weekly hours) to get the hourly rate. Multiply the hourly rate by the number of actual work hours per week. Multiply this by 52 to get the annual pro rata salary.

1 Find out how much you owe each non-priority creditor . 2 Add all of your non-priority debts up to give you a total amount. 3 Divide each individual debt by the total amount of non-priority debts. 4 Multiply this figure by the amount of available income you have.

The look-back period, or time that the trustee can go back to unwind these transfers, is ninety days for general creditors and one year for insiders.

Latin for in proportion. The term pro rata is used to denote proportional distributions or allocations. In a legal sense, pro rata may refer to a share to be received, an amount to be paid, or liability based on the fractional share of ownership, responsibility, or time.

So, put simply, a pro rata wage is calculated from what you would have earned if you were working full time. Your pay would be proportional to the wage of someone working more hours. For example, you're working 25 hours a week on a pro rata basis.

For example, if someone buys an insurance policy that's quoted at a certain price for a full year of coverage, but that person only signs on for half a year's worth of coverage, they would pay the insurance company on a pro rata basis that would come out to half the value of the full policy.

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Includes fees for advertising creditors' meetings, inspection of public documents, bankruptcy notices and debt agreements. Jobs 1 - 10 of 172 — About the Position Are you an accounting guru who is interested in the legal field and has an eye for detail?Cases submitted to our offices are put out for service with a registered California ….

Maricopa Arizona Sample Letter for Pro Rata Share of Bankruptcy Estate

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