It’s hard enough to make ends meet every month, imagine trying to pay for bail on your own. Bail can easily cost up to tens to even hundreds of thousands of dollars, which many of us don’t have in your bank accounts.
However, no one wants to imagine themselves or their loved ones staying in jail for months or up to years at a time. This is why you can benefit a lot from getting a bail bond to release yourself or someone you love from jail.
To help you learn more about bail bonds Colorado Springs, here are some quick facts you should know.
A bail bond is a form of loan and surety bond that you get from bail bond agents. These agents come from a surety bond company.
It is basically an exchange, you meet their requirements and make a payment and in exchange the bail bond agent will release the defendant from jail by posting a bail bond.
It’s fairly easy to get approval, and if you are worried that you won’t get approved for a bail bond you can ask someone to cosign a bail bond with you.
The bail bond process starts once the judge has decided on how much your bail will be or if the jail or your arresting officer has chosen how much your bail will be.
Once the bail amount has been decided, you can contact a bail bond company to get their bonds service. They will assign an agent for you who will require you to pay them at least 10% of the total bail amount which will depend on the state, because every state regulated the fee that bail bond agents can charge.
This fee is non refundable since it is considered a service fee for the efforts of the bail bond agent and the bail bond agency.
Once you have given the service fee, you will also be required to put down collateral. The collateral must be equal to the rest of the bail amount leftover after you paid the service fee.
This is purely to secure the payment of bail if anything were to go wrong. Collateral can take the form of any property or asset, such as your home, your car, stocks, jewelry, and such.
Once you have given these things, the bail bond agent will post a bail bond for you and you can get out of jail.
Firstly, you should know what rules would be with your bail bond. Typically you or the defendant would have to appear in every court hearing after you have posted bail, especially if you had a criminal case.
If you or the defendant fails to show up to court, the cosigner will be liable. Therefore, they will be charged with the penalties.
Along with that, the bail bond agent will forfeit any collateral that you gave to the court as payment. More than just that, you will have a warrant of arrest placed on your name or you will may surrender yourself to jail.
Your bail bond will dissolve if you are put back in jail and the bail bond agent will keep the original service fee that you paid them with.
However if the defendant goes to the court hearings whenever summoned and follows all of the rules, the collateral will be returned to the rightful owners once the trials have been completed.
Bail bonds Colorado Springs aren’t complicated, but you should learn the facts before getting one to make sure you are prepared before getting one.