What is a bail bond company?
Bail bond companies or associations are agents that help facilitate the release of an accused person in the court within a few hours of an arrest. The company offers to provide collateral in the form of bail in the place of the accused, in the event that they cannot raise the required amount in good time if at all.
Bail bond companies are highly rooted in the USA, Philippines, and other countries where bounty hunting is not illegal.
The bail bond business is a highly lucrative business says Jim from Bail Bonds Vista. For instance, in Seattle alone, bail bond companies made a $2.5 million profit in the year 2006. Bail bond companies offer their services at a fee, usually up to a 15 % depending on the charges. These could be the state charges or the federal charges.
Types of bonds
There are several types of bail which a judge can use to ensure that the accused attends the court hearings. The most effective one is the cash bail which is to be paid upfront, property bond which should have clear documentation, and the surety bond which forces the agent to pay the court in the event that the accused runs away.
What are the requirements or qualifications?
First and foremost, you need to be arrested. In the event that you are in no position to raise the bond, a relative should visit the bail bond company with proper documentation such as your profile from the police, your record, your occupation, your identification documents, and those of the relative to ensure that if you flee, they will be held accountable and will be required to pay back the agent.
The court usually keeps the bond when an accused refuses to attend the court hearings. They also end up issuing an arrest warrant. Bail should however not be set too high as a way of punishment.
Bail bond agencies are usually insured majorly on fugitives. They are required to hunt the fugitive down by using bounty hunters or go for their assets or those of the person that requested the bond since the insurance will only pay the court if the agents fail to raise the money.
How to pay back the bail bond agents
Bond is usually returned in full after release minus a couple administrative fee. As mentioned earlier, the bail bond companies usually charge 10 % to purchase a bail bond. This means that if your bond is set at $1000, the bail bond agents take ten percent of it. And in the event you become a fugitive, then the collateral you had put in place such as your house could end up being sold to cover the cost withheld by the court.
Is it worth it?
For a person who values their freedom, bail bond can be a real lifesaver considering its effectiveness in securing a release. For example, if you have been arrested on a Friday, and the only way you can get the money is after a couple of days, bail bond can and will save you an entire weekend of lockup.