Controlling Your Personal Finances While Running A Business

Should You Co-Sign On A Bail Bond?

If your loved one gets arrested and can't afford the bail bond fee or gets denied for a bail bond, they may ask you to co-sign on the bail bond. This is similar to co-signing on a loan, so there are a few things you need to know before you agree.

What Co-Signing on a Bail Bond Does

Co-signing on a bail bond means that you take financial responsibility for the bail bond. You may need to pay the bail bond fee if your loved one can't afford it on their own. You may also be accepting financial responsibility for the full bond amount.

While the bail bond company pays your full bail if you pay the full bail bond fee, they are expecting to get that money back. This happens when bail is returned after the case is completed. If an individual skips court or otherwise forfeits bail, the bail bond company has the right to recover the full bail amount that they lost because of this.

The Bail Bond Fee Isn't Refundable

If you co-sign on a bail bond, you don't get the bail bond fee back. This is a fee the bail bond company charges for the service of bailing your loved one out and covering the full amount of the bond. Think of it like the fee or interest on a loan.

You can work it out with your loved one if they will repay you. However, you should think about their ability to repay you if you're concerned about losing the money.

Your Loved One Will Get Out of Jail

Getting your loved one out of jail is usually your goal, but it's something to think about. For example, if they were arrested for domestic violence against you, you may not want to bail them out. However, in most cases, you do want to get them out of jail, and this will happen within a few hours of you co-signing on the bail bond.

You Have the Right to Revoke the Bail Bond

If you have concerns about bailing your loved one out, you have the right to revoke the bail bond. For example, if they're having trouble getting to court, you can ask the judge to revoke the bail bond so you're no longer at financial risk if your loved one skips court at a later date. This gives you greater peace of mind when you co-sign.

To learn more about how to get a bail bond for your loved one, contact a local licensed bail bond agency today.