Once a loved one is arrested, the question that arises is how you will bail them out. Bail bonds are astronomical—sometimes $10,000, $50,000, or higher. The majority of the population lacks that sort of money at hand. Unless they can afford collateral, such as a house or a car, their loved one may spend months in jail awaiting trial. Luckily, there are no collateral bail bonds that come to the rescue of people in this case.
These special bonds enable defendants to be released on bail without any security of property or assets. It is possible to get through this difficult legal process by understanding its functionality and who is eligible.
What are No Collateral Bail Bonds?
No collateral bail bond is essentially unlike the conventional bail bonds. In a conventional bond, you usually have to post up security, your home, automobile, jewelry, or other forms of property, to assure the bail. Failure of the defendant to appear in court will result in the bail bond company retaining that collateral in compensation.
There is no collateral bail bond that can completely do away with this requirement. In place of committing property or money, you do sign an agreement that the defendant will appear in court. Most of the financial risk is taken by the bail bondsman. Basically, no collateral bail bond provides the loan without collateral, and instead, a promise is given, and a guarantee is taken by the promise of a co-signer attending court.
No Collateral Bail Bonds Operation
The procedure of acquiring a no collateral bond goes through a number of processes. The court first establishes bail for the defendant. Secondly, the defendant ought to prove his or her inability to cover his or her share of the bail amount of bails. The bail bondsman normally agrees to bail 85% to 90% of the bond.
The accused thereafter requests a no collateral bond, which involves paperwork and documentation. More importantly, they should be accompanied by a co-signer, a friend or a family member who will be ready to sign a legal document that would ensure the defendant appears in all court hearings. Lastly, this arrangement must be approved by the judge.
Who is Eligible for No Collateral Bail Bonds?
A no collateral bond does not apply to everyone. Bail bond firms and judges also take into consideration various factors in order to qualify. These are criminal history, credit score, employment status, community ties, and the type of charges.
Defendants who have never been criminals, have good employment records, and have good community ties, as well as those with non-violent cases, have the highest likelihood of being approved. On the contrary, those who have failed to show up in court before, those convicted of violent offenses, and those accused of major felonies are not likely to qualify.
The Role of Co-Signers
A no collateral bail bond requires a co-signer. It is a big legal burden on this individual as he or she has pledged to make all the bail in case the defendant does not present himself or herself. Co-signers usually have to prove that to have steady earnings and creditworthiness. Their promise is a huge factor—judges would like to know that there is a financially viable person who will guarantee the defendant shows up in court.
Merits and Demerits
The primary benefit is self-evident; you do not require property or money to be released. This opens up to individuals of small assets. Nevertheless, there are no collateral bonds that are disadvantageous. In case the defendant does not present himself or herself, the co-signer is personally liable for the full amount of the bail. Moreover, such bonds are at times charged more since bail bond companies take more risks.
Conclusion
No collateral bail bonds offer urgent relief to individuals who have no assets, yet require their loved ones to get out of jail. This option can work or not based on your situation, by knowing the eligibility requirements and the role of the co-signer. It is always a good idea to consult with a bail bond professional to make sure you are not obligated to more than you can afford.
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