Are you thinking of cosigning a bail bond? Well if you do, it’s important that you know everything there is to know about your obligations when you co-sign on a bail bond. Some people who co-sign a bail bond without knowing what it means have gotten into big financial troubles. You wouldn’t want to make that mistake. So, it is important that you follow the tips mentioned below and know what it means to cosign on a bail bond.
Cosigning On A Bail Bond: What You Need to Know
First and foremost, it is important for you to know that it’s not anything like writing of a letter of recommendation for someone. You are taking on a real financial risk that can ruin you. When you co-sign on bail bonds, you are basically guaranteeing that an accused defendant is going to appear in court, in front of the judge, every time the court ask them to or until 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. When you cosign the bail bond, you will be asked to sign an indemnity agreement or a promissory note which means you will be financially obligated to pay the full amount of the bail bond. In many cases, the indemnity agreement or promissory note involves placing lien on some tangible property such as your house, assignment on a bank account, automobile, lien on jewelry or electronics and other such things.
Bail Bonds Aren’t For Everyone
So, you are taking on some real financial risk. Therefore, it is important that you do not cosign a bond for anyone you do not know very well.
There are several other things you need to know when you cosign on a bail bond. For instance, you are financially responsible until the person is sentenced or the charges are dropped. You are financially responsible till the bondsman revokes the original bond for some reason or returns the accused defendant to jail. You are also responsible till the judged revokes the bond and sends the defendant back to custody due to some reason. You will be free from any financial obligation 36 months after the bond is executed.
Hopefully you now understand that cosigning on a bail bond means taking on a big financial responsibility. Therefore, it is important that you only cosign a bail bond for a person that you really know and are sure that you can trust that person. If that person runs away or does not turn up for a court date, you will be financially responsible.
Forfeiture of a Bail Bond After Co-Signing
It is important that you get in touch with the bail bondsman immediately in case you think that the person you have co-signed a bail bond for has any chance of becoming a flight risk. If you do that, the bondsman will have the time to return the individual to jail and your financial obligation will be terminated once they person is behind bars. This is very helpful in cases where the judge has set high bail amounts. Overall, it is important that you understand the financial responsibility when you’re cosigning on a bail bond. So, keep the above mentioned tips in mind when you are asked to cosign on a bail bond for someone.