Every one of us might have heard this “Bail Bonds” word once in their lifespan. Yes, you are right! This terminology is used mostly by the crime department. Bail defines a set quantity of cash that acts as insurance between the court and also the person in jail (the litigator.) Defendants have the choice to pay their bail in cash, however several of them cannot afford this.
Since Bail is usually set at a high quantity, most defendants are financially unable to post bail by themselves. They ask for facilitate from a bail agent or Bail Bondsman, This is the person who posts a bond for them. so in this article, you will know about bail bond and how do bail bonds work. So let’s just start to know more about it.
What is a Bail bonds?
The bail bond is a kind of trust or you could say a Surety bond between the Bondsman and defendant. This bond provides a legal contract between bondsmen and litigators to ensure that, litigator needs to be present on the day of trial in the courtroom.
Types of bail bonds
There are many different types of bail bonds, but most popular bail bonds are Criminal bonds and Civil bonds
This bond is filed when there is a criminal offense from the person on which criminal charges are filed. When you sign this bond, criminal abides the rule to be present on the day of trial and he will be paying all the penalties decided by the court.
There is a high amount of civil cases filed all over the globe. This bond defines that when there is a discrepancy in making payment for debts, interests amount or EMI costs. This bond guarantees that the defendant is liable to pay the charges if found guilty.
How do Bail bonds work
Bail bond work when a bail bondsman, operating with a bail bonding agency, puts up a fee for the discharge of a suspect on bail, the bondsman charges a small amount of fee, around 10% of the amount of cash that’s needed to pay for bail. This advance fee isn’t refundable, even though the case is thrown out once the suspect posts bail.
The bail bondsman can confiscate security against a defendant’s assets to cover the amount of the bail. If the litigator doesn’t have enough assets, then the bondsman may confiscate securities against people that are willing to help, like relatives and friends. Once the security is taken out, a bondsman usually needs a 10% money payment added to the mortgage on a person’s home that might equal the complete amount of the bail bond cash owed.
If a litigator doesn’t arrive in court on the trial day, the bondsman can’t solely hire a bounty hunter to trace the litigator down, however, the bondsman then contains a right to sue the litigator for cash that was given to the court for the defendant’s bond. The bond agency might also recover any unpaid cash by claiming assets that were closely-held by the litigator or those people that signed a contract for cash assistance to the litigators.
Bail bonds example
We understand that the above information might be mind-boggling without any hypothetical example. So to explain the Bail bond work procedure, we are representing a hypothetical example.
For example, Mike got arrested for criminal charges. Now he is a litigator. Mike needs to get out of jail but the bail amount set by the court for Mike is $20,000. Mike will approach the Bail agency or the Bail Bondsman to file the bail for him.
The bondsman will charge Mike $2000 to free him from the jail and other $18000 of bail will get secured by keeping security from Mike’s like Bike paper, jewelry, a house, etc
This all details will be mentioned in the Bail bond which will be signed between Mike and Bail Bondsman
Mike needs to be present on all the trials and if he is present as per the dates provided by the court. The bond will get dissolved as he has fulfilled the guidelines. Mike will get his $18000 collateral return to him. But he will not get $2000 back as this amount will be kept by Bail Bondsman to him as profit.
Incase, Mike does not show up on the trial dates. Bail Bondsman needs to $18000 to the court. Bail Bondsman now has the authority to use Mike’s collateral to make a payment towards the court. However, if Mike has paid the total amount of $20000 for the bail, he would have got a full amount refund irrespective of the outcome of the case.
This was the detailed information related to How to Get Bail? and how you should be dealing with Bail Bondsman. We hope you now have a clear idea about how do bail bonds work and other procedures someone needs to go through if they are stuck in the criminal charges or civilian charges.