If you find yourself with the misfortune of needing a bail bond, you may be asking yourself, “What are bail bonds?” This article will provide you with a basic overview of bail bonds.
What Are Bail Bonds?
A bail bond is an agreement between an accused individual and the courts. Oftentimes it takes a while for the court system to resolve a legal case. In an attempt to allow the accused person to remain free, the courts will post the bail amount as collateral. This collateral is used to ensure that the accused shows up to court, and is usually backed by a co-signer. While the bond amount is determined by the court, assets such as a car title or a home deed can be used to meet the bail bond. Some courts may also allow the defendant to pay 10% of the bond amount in cash, which is often returned if there are no violations of the bond agreement set by the court. This amounts to a security deposit for both the defendant and the court.
In many cases the bond amount will be higher than some people can afford. In this instance many people turn to bail bond companies, or a bond agent. The bail bond company will guarantee the entire amount that the accused owes in exchange for a percentage of the bail amount as a service fee (this fee is usually 10-20 percent). Once the accused appears in court any collateral is returned minus the Bail Bond company fee.
Commercial bail bonding is prohibited in four states: Illinois, Kentucky, Oregon, and Wisconsin.
Find A Bail Bond Company
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A written promise signed by a defendant or a surety (one who promises to act in place of another) to pay an amount fixed by a court should the defendant named .