Three Misconceptions About Bail Bonds To Be Aware Of
Have you been tasked to get a bail bond so that someone can be released from jail? If so, you may have some misconceptions about the process before you start it. Here are three misconceptions about bail bonds that you need to know before moving forward.
Misconception #1: You Must Pay For The Entire Bond With The Bail Bond
Many people think that when it comes to getting a bail bond, you must get one that is worth the entire bail amount, resulting in paying a premium on everything. For instance, if there is a 10% premium on a $10,000 bail, you'll end up paying a $1,000 premium. This is false since you are allowed to put a down payment on a bail bond with the cash that you have. If you can only afford $5,000 of that $10,000 bail, then that reduces the 10% premium in half to only $500. Using cash as a down payment will always save you money in the long run, but this may not always be the best decision for other reasons.
Misconception #2: Bail Is Returned After The First Court Hearing
Don't assume that all you need to do is get your friend or family member back in court for their first court hearing. Bail entitles someone an early release from jail for the entire court process, as long as they do not violate the terms of their bail. This means that the money for the bail bond won't be returned and cleared until after the court case is complete and the person is found not guilty or sentenced.
If you ended up paying a large down payment for bail, realize that the cash could be tied up for many months while the court case plays out. This gives many opportunities where bail terms could be violated, causing you to lose the money and any collateral given to the bondsman.
Misconception #3: You Can Only Supply A Single Piece Of Collateral
It's common for a bail bonds service to require that you provide collateral worth the amount of the bail, which is their security in case the terms of bail are violated. Don't assume that you have to use a single item that is equal to or greater than the value of the bail. You can use several small value items that meet the value of the bail bond, which means you may be able to get away with not using a vehicle or property as collateral.