5 Bail Bond Facts You Should Know
When someone goes to jail, a bail bond company can help them to post their own money or the money of someone they know to get released from jail before their trial. It's a useful service for anyone who doesn't have enough money to cover the full amount set by a judge. Here are five bail bond facts that you should know.
1. Collateral Is Required
A bail bond company usually requires collateral when they offer a bail bond. Collateral can be valuable assets such as jewelry, a vehicle, real estate, or cash to secure the bond. When collateral is required, it's usually an amount equal to or greater than the value of bail set by the court.
2. Payment Plans Are Available
Most bail bond companies offer payment plans to help individuals and their families pay for the bonds. These plans usually require a down payment. The remaining balance may be paid in monthly installments over time.
3. A Bond Isn't an Admission of Guilt
When a person posts bail, it doesn't mean they're admitting guilt. The purpose of posting bail is simply to secure the defendant's release from jail until their trial date. If the person makes all of their court dates, the money paid for the bond will be refunded.
4. State Laws Regulate Bail
Bail bonds are regulated by the individual states in which bail bond companies operate. While the specifics of how bail bonds work vary from state to state, all states require that any bail bond company be licensed and adhere to certain regulations. This means you can ensure you're using a reputable and trustworthy company by only working with those that possess the proper licenses.
5. How You Post May Save Money
It can be expensive to post bail on your own. However, using a bail bond company can help save you money. According to the New York City Comptroller, a total of $226 million was posted in bonds in 2021. That adds up to a lot of money people saved by using a bail bond company.
Dealing with jail time and bail can be a stressful experience, so it's important to understand the facts surrounding bail bonds. By learning more about how they work, you can make an informed decision that's right for your situation. Contact our local bondsman at Shane's Bail Bonds today for more information.
