Are you contemplating cosigning a bail bond? Well should you do, it's essential that you know everything you need to know concerning your obligations if you co-sign over a bail bond. Many people who co-sign a bail bond not understanding just what it means have gotten into big financial troubles. You wouldn't want to make that mistake. So, it is crucial that you adhere to the tips mentioned below and really know what it indicates to cosign with a bond.
To start with, it is necessary so that you can realize that it's not anything like writing of any letter of recommendation for someone. You are taking over a real financial risk that could ruin you. Once you co-sign on a bail bond , you might be basically guaranteeing that this accused defendant will almost certainly happen in court each time a legal court ask them to or till the charges are terminated.
You are giving a guarantee that someone is going to keep their promise and if that person breaks the promise, it's you who's going to be financially responsible. If you cosign, you will certainly be motivated to sign an indemnity agreement or a promissory note with the bail bondsman which means you will be financially obligated to pay the total quantity of the bond. On many occasions, the indemnity agreement or promissory note involves placing lien on some tangible property like your residence, assignment on the banking account, automobile, lien on jewelry or electronics and also other things like this.
So, you are taking on some real financial risk. Therefore, it is crucial that you may not cosign a bond for anyone you may not know on a personal level.
Things You Should Know Before Cosigning Bail Bonds
There are many other things you should know whenever you cosign with a bail bond. As an example, you might be financially responsible until the individual is sentenced or even the charges are dropped. You might be financially responsible up until the bondsman revokes the first bond for whatever reason or returns the accused defendant to jail. In this case, you will be liable for the full amount of bail. You are also responsible until the judged revokes the bond and sends the defendant returning to custody due to some reason. You will be totally free of any financial obligation 36 months after the bond is executed.
Hopefully you know that cosigning on a bail bond means dealing with a large financial responsibility. Therefore, it is crucial that you simply cosign a bail bond for anyone that you will know and they are sure that one could trust that individual. In the event that person runs away or does not show up for any court date, you may be financially responsible.
It is important that you communicate with the bail bondsman immediately just in case you think that the individual you possess co-signed a bail bond for has any chance of learning to be a flight risk. Should you that, the bondsman may have enough time to come back the individual to jail along with your financial obligation is going to be terminated as soon as they person is behind bars.
Overall, it is crucial that you are aware of the financial responsibility when you're cosigning with a bail bond. So, keep those tips in your mind when you find yourself inspired to cosign on the bail bond for a person.
Do NOT Cosign on a Bond if You Don't Know the Defendant!