What You Need To Know About Using Bail Bonds
When a friend or family member is in jail, you may wonder how you can help your loved one. One way to be there for your loved one is to take out a bail bond to get your loved one out of jail until the court date. However, there are a few things that you need to know about using bail bonds.
A Bail Bond is a Type of Financial Guarantee
When you enter into a contract with a bail bondsman, you enter into a financial agreement. Instead of having to pay the court the entire amount of the bond to secure your loved one's release, you only have to pay the bail bondsman a specified percentage of the bond. However, when sign the contract for the bond, you are putting yourself on the hook financially. If your loved one does not show up in court, you are responsible for paying the full amount of the bond. Many bail bondsmen request that you back your agreement with assets that act as collateral for the full amount of the bond.
For example, assume that your loved one's bail is $50,000. Instead of paying the entire $50,000, you pay the bail bondsman $5,000 and use your home to help guarantee the bail agreement. Should your loved one skip court, the bail bondsman will require that you pay the entire $50,000. If you can't or won't, the bail bondsman can put a lien on your house.
The amount that the bail bondsman requires you to pay varies, but it is usually between 5 and 10 percent of the bond amount.
You May Be Responsible for Other Costs if Your Loved One Misses Court
In addition to the full amount of the bond, there are other costs that you are responsible for if your loved one doesn't appear in court. Many bail bondsman will hire a bounty hunter to track down your loved one. You are responsible for paying any costs associated with tracking down your loved one.
A Bail Bond Can Help Your Loved One Maintain Stability
For many individuals, the effects of a stint in jail, even a short one, are long lasting. These individuals may lose their jobs due to time missed at work, which can cause them to get behind on other obligations, including child support. Some districts will even put you back in jail if you get too far behind on child support. Considering the fact that many first time offenders and those convicted of minor crimes receive probation and/or credit for time served, it makes sense to help your loved one stay as financially secure as possible during this trying time.
For more information, you will want to contact a company such as Brad's Bail Bonds.