If you plan to cosign a jail bail bond, you must understand that the decision is legally binding. Besides, you obligate yourself to cover the total amount should the defendant fail to appear in court. So, understand all the facts about bail bonds before you agree to cosign.
Discover three questions that provide more details into what entails a bail bonds consignment.
1. What Are Your Responsibilities?
You must sign an indemnity agreement when cosigning a bail bond. The agreement stipulates what you must meet. Some legal responsibilities you should fulfill as a cosigner include the following:
- To notify the agency of any changes to you or your loved one's circumstances in good time
- To pay a nonrefundable premium fee for the agency's services
- To pay the whole bail amount if your loved one skips court
- To reimburse the agency for any cost incurred if your loved one doesn't comply with the bail conditions
You can sign the bail bond cosigner agreement if you can meet all the above obligations.
2. What Are the Bails Bond Cosigner Requirements?
Not everyone qualifies to be a bail cosigner. Instead, you should meet the following requirements to be one:
Have stable earnings—You agree on scheduled payments when you cosign a bail bond. The regular earnings ensure you can make regular payments.
Have a good credit score—A good credit history builds your reputation for paying your financial obligations, such as the bail bond amounts.
Be a responsible adult—You become responsible for someone else when you cosign a bail bond. But, you must first be at a legal age to be self-responsible before you become responsible for others.
Have a stable residence—Your bail bond company must know where you live to find you and ask questions if the defendant doesn't appear in court.
Finally, these requirements might vary between bail bond agencies. Therefore, consult your bail bond agency to ensure you can meet the requirements.
3. What Are the Risks Involved?
You assume responsibility for the defendant once you agree to cosign the bail bonds. So, you must ensure the defendant appears in court when required. Otherwise, the company bail bonds company will turn to you to find out the defendant's whereabouts.
Furthermore, you take full financial responsibility when you cosign a bail bond. The bail bonds company expects you to pay the total bail bond amount as the court stipulates. Besides, if the defendant fails to show up, the collateral you provided for the bail bond could also be taken.
You take on a lot of risks and responsibilities if you agree to cosign a bail bond. Nonetheless, the stakes are worth your effort if you trust and care for the defendant. But if you find the situation too risky, you can decline a request. Alternatively, you can agree to cosign but set a few rules to reduce your risks. For instance, request the defendant to attend therapy sessions before you cosign.
Contact a local bail bond service to learn more.
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