When a person is arrested, a judge will assign the defendant an amount of money that must be paid before they are allowed to leave jail. In some cases, bail amounts are previously determined by the nature of the crime, but in many cases, the amount is determined by the judge. In some instances, bail may be revoked if the judge determines the defendant is a danger to others or a flight risk. Paying for bail can be tricky and prohibitively expensive for many. Fortunately, there is the option to obtain a bail bond rather than stay in jail. Here are the pros and cons.
No Upfront Cash
The most obvious advantage of utilizing bail bonds is that it allows a person to get out of jail as soon as the bail bond is posted, regardless of whether or not the defendant has the full bail amount in cash.
Get Back To Work
Another major benefit of using a bail bond is that it will allow the defendant to get back to work and make money. This is vital in cases where the defendant is the sole financial provider for a family. It's possible that remaining in jail can cause a person to lose even more money than the bail amount by missing out on employment.
When a defendant can't afford the money for bail up front, some bail bond companies will allow them to pay back the bail amount on a payment plan, and that can be massively helpful for many people who would be put into dire financial stress otherwise.
Another benefit of using bail bonds is that a defendant can put up a high-value asset, such as a vehicle or property, as collateral when they don't have the cash upfront.
Bail Bond Fee
Bail bond companies exist because they can make a profit by charging a fee or premium in order to provide a bond and post bail. This amount is regulated by each state. In most states, the premium is between 10% to 20% of the bail amount. Check your state's rules for specifics. These fees are non-refundable and they are added to the total bail amount.
A defendant will be required to provide a bail bond agent with arrest information and financial information, and that necessitates a loss of total privacy. That can feel uncomfortable for some but is necessary in order to obtain a bail bond.
Contact a professional for more information about bail bonds.