Bail is the amount that the judge sets to allow the defendant to leave jail so they can continue working and carrying out their responsibilities. A bail bondsman pays this for the defendant in exchange for a fee.
The state regulates these fees, so they don’t vary much from agency to agency. But there are other fees to consider as well.
Rates
The bail amount is often higher than a defendant or their family can afford. As a result, they must turn to a bail bond agent to help them secure their release. Often, this means the family must sell valuable assets and borrow money. Sometimes, they may even have to sign their home up as collateral.
Although a bail bonds Charlotte, NC company presents itself as a public service, the truth is quite different. Bail bond companies and the insurance underwriters who support them profit significantly from their clients’ failure to show up in court. That is why, in Pennington County, South Dakota, 104 felony cases went unnoticed by the courts after a bail bond was revoked for failure to appear.
Bail bond companies also engage in serious lobbying efforts to defend policies that shield them from liability. This way, they avoid paying forfeitures they know their clients will likely miss.
Collateral
Many people are low on cash reserves and require collateral to secure a bail bond. In addition to cash, certain jewelry and valuables can be used as collateral. However, before any property is used as collateral, it must be appraised to determine its value. It must also be free of any liens or mortgages. Once these conditions are met, the collateral will be returned once the individual fulfills their legal obligations, mainly attending all court appearances.
Alternatives to traditional collateral can benefit individuals needing access to large amounts of money or prefer to use something other than cash as collateral. These alternatives range from credit cards to real estate, stocks, and bonds. The collateral should be something that a bail bonds agent can easily convert into cash in the event of non-compliance. Liquating items that take weeks or months are generally not accepted as collateral.
Payment options
A person can also use valuable personal property as collateral instead of cash. It can include real estate and vehicles, although they must be worth 150% of the bail amount. A bail bond agent will evaluate any property offered as collateral and ensure sufficient liquidity, meaning it can be quickly sold or pawned for value.
Bail bond companies offer payment plans to make it easier for individuals to afford the cost of their bonds. However, it’s essential to determine the terms of these payment plans before signing up. It includes the down payment and whether interest rates will apply.
If a person fails to repay their bail bond premium on time, the bail will be revoked, and they could be returned to jail before trial. An excellent way to prevent this is to set up a repayment schedule with their bail agent early.
Hidden fees
Many people use bail bonds to get out of jail. It’s often cheaper than paying for a lawyer, allowing them to keep their jobs and maintain their homes and child custody, which are essential to their families’ well-being. However, the fees associated with bail bonds can be expensive, and it’s necessary to understand the hidden costs before signing any agreement.
Bail bond companies typically charge a nonrefundable premium fee of 10% or less of the total bail amount. This fee is the only money they make. They give the court the rest of the money or, if allowed by jurisdiction, pledge a promissory note to make good if their client skips bail.
Some bail bond companies may require collateral, such as a home, car, or other property, to secure a bond. If you can’t afford to provide collateral, look for a company that offers payment plans and flexible terms to make the process easier.
