Bailing out a Loved One? Financial Alternatives When You Don’t Have Cash or Collateral
Tuesday, February 27, 2018, 6:00 AM | Leave Comment
When a loved one is accused of committing an offense, the prosecution has to provide proof for them to be declared guilty.
At times, the process is fast if the evidence is available, but in certain cases the accused person awaits trial outside the jail after posting bail.
What if you do not have the cash or collateral to post as bail?
Here are some of the financial alternatives to consider.
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Private Bond
A private bond is a loan taken out from companies such as Rader Bonding Co. that can post bail on your behalf. The company benefits by charging a 10 to 15 percent interest on the loan. The bond is paid directly to the court and kept in case the accused does not show up during the hearings.
Before posting bail, the private bond company will require relevant information regarding the accused person.
When contacting the firm, make sure you have all information including the full name of the accused, the booking number, charges made against the person, the bail amount, and the date of the next hearing.
However, private bonds are not available in all states and are illegal in some. Before making a decision, ensure you are aware of the laws regarding private bonds in your locality.
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Public Bond
A public bond, also known as a recognizance bond, does not necessarily require you to post bail in monetary terms. The court only needs your “signature” as a guarantee that the accused person will show up in the next court hearing. The actual bond amount is paid in the event the accused person fails to make the first appearance.
However, not every accused person is eligible for a public bond. Since judges determine bail by crime severity, criminal history of the accused person, and their flight risk, the courts hold the discretion to grant a public bond or not. A person who is charged with a minor crime and has no criminal history have a higher probability of receiving a public bond.
While both financial alternatives are ideal for families without cash or collateral, they also have their disadvantages. For instance, some private bond companies are known to offer loans to accused persons with high bail amounts, and a public bond may not be a good option for people with criminal history.
It’s crucial to understand the exact situation of your accused loved one before requesting any of the bonds.
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