When faced with an opportunity to post bail, you may be filled with questions about the costs and risks that come with this arrangement. These are some of the common questions asked:
What Are the Options for Posting Bail?
You generally have three main options for posting bail. If you can afford to pay the amount in full, you can pay it directly to the court. At the end of your trial, you get the full amount back, provided you meet all of the court dates and cooperate during the trial. If you have property, you could also contract directly with the court to use the property as collateral instead of paying cash for your bail. The third option, which is used by many people who don't have a lot of assets to spare, is going through a bail bonds company to post the bail for them.
What Assets Can I Use to Post Bail?
Cash and property have already been covered as options for posting bail. When you find yourself just short of making a cash bail payment, you might consider loans for jewelry or electronics from a pawn shop to complete the bail payment amount.
If you go through a bail bondsman, there are a few additional options. Surety bonds are an example; they allow you to use the credit of a friend or family member as proof that the bail will be paid; that person signs the contract with a bail bonds provider instead of you.
The benefit of bail bonds with a bondsman is that they front the money for you; you may not need any assets at all, as long as you have collateral. But if the court decides to take your bail money, you will owe the bail bondsman, the full amount, plus the costs if tracking you down.
What Fees Come With a Bail Bondsman?
Bail bonds through a provider come with a fee that generally hovers around 10%. There is a maximum fee set by each state to ensure that the rates are fair.
What Are the Risks of Bail?
The risks of bail are low, as long as you plan to cooperate with the court. If you do not meet the conditions of being released on bail, there can be major financial repercussions. If you secured your bail with a property, that property will be repossessed. If you remain at large and there are significant costs for bounty hunting, those costs will be passed on to you at a premium. But when you participate in a bail arrangement in good faith, it's often a great way to go.
Contact a company like 7th St Pawn Shop Inc for more information and assistance.