Are you presently contemplating cosigning a bail bond? Well if you, it’s crucial that you know everything you should know relating to your obligations once you co-sign with a bail bond. Some individuals who co-sign a bail bond not understanding what it really means have gotten into big financial troubles. You wouldn’t need to make that mistake. So, it is vital that you adhere to the tips mentioned below and determine what it implies to cosign over a bail bond.
First of all, it is crucial that you should recognize that it’s not anything like writing of the letter of recommendation for someone. You are taking with a real financial risk that will ruin you. When you co-sign on the bail bond, you will be basically guaranteeing that this accused defendant will probably appear in court every time a legal court make them or until the charges are terminated. bondsman cobb county
You happen to be giving an assurance that someone will almost certainly keep their promise and if that person breaks the promise, it’s you who’s likely to be financially responsible. If you cosign a bail bond, you will be inspired to sign an indemnity agreement or perhaps a promissory note which means you will probably be financially obligated to spend the full quantity of the bail bond. In many cases, the indemnity agreement or promissory note involves placing lien on some tangible property including your home, assignment on a checking account, automobile, lien on jewelry or electronics as well as other similar things.
So, you are taking on some real financial risk. Therefore, it is vital that you do not cosign a bond for everyone you do not know very well.
There are various other stuff you should know when you cosign on a bail bond. As an example, you will be financially responsible until the individual is sentenced or maybe the charges are dropped. You happen to be financially responsible up until the bondsman revokes the first bond for whatever reason or returns the accused defendant to jail. You are also responsible till the judged revokes the bond and sends the defendant returning to custody as a result of some reason. You will end up clear of any financial obligation 36 months after the bond is executed.
Hopefully you understand that cosigning with a bail bond means taking on a major financial responsibility. Therefore, it is important that you only cosign a bail bond for an individual that you know and so are sure that one could trust that person. If it person runs away or does not arrive for the court date, you may be financially responsible.
It is crucial that you speak to the bail bondsman immediately in case you assume that a person you possess co-signed a bail bond for has any potential for transforming into a flight risk. If you do that, the bondsman will have some time to come back the individual to jail plus your financial obligation will likely be terminated after they individual is behind bars.
Overall, it is essential that you realize the financial responsibility when you’re cosigning over a bail bond. So, keep those tips in mind while you are required to cosign on the bail bond for an individual.