Cosigning A Bail Bond: Common Questions Answered
If you cosign a bail bond, you agree to take on legal responsibility for the defendant. You need to understand what you're getting yourself into before accepting any liability.
Here's more information on what you need to know before you cosign a bail bond.
What's Involved in Cosigning a Bail Bond?
When your loved one gets arrested, you can get them out of jail after you post bail. Bail is a sum of money paid to the court to secure the release of the accused pending trial. If you don't have the money to post bail, you may be able to get financial assistance from a bail bond company.
The bail bond company agrees to pay the full bail bond amount on behalf of the accused. You'll then enter into a legally binding contract to pay the bond company back if the accused fails to show up for their hearing.
To secure the bond, you may need to sign over collateral such as your house or car. Keep in mind that if the accused does not show up for their hearing, the bail bond company has the right to take possession of your property.
How Do You Qualify to Be a Cosigner?
Not everyone is qualified to be a cosigner on a bail bond. That's because bail bond companies need to reduce their risk and protect their investment. They require that the cosigner meet the following requirements:
- You have to be a US citizen
- You should have a stable job
- You need a good credit history
If you meet these requirements, you can legally cosign a bail bond. But before you agree to cosign a bail bond, make sure you understand the risks involved. Weigh the risks and rewards and make sure you're comfortable with the decision.
How Can You Reduce Your Risk?
If you're still not sure if you want to cosign a bail bond, there are a few things you can do to reduce your risk. For instance, you can check up on the accused to ensure they're following all the terms of their release. You should also read through your contract with the bail bond company.
If you're not comfortable with any of the terms in the contract, you can withdraw your consent to be a cosigner. Remember, you are not obligated to cosign a bail bond, and you should protect yourself from any potential liabilities.
You need to think carefully before cosigning a bail bond. Weigh the risks and rewards and make sure you're comfortable with the decision.
To find out more, contact a company like Affordable Bail Bonds.