At some point in our lives, we all have known someone who has been to jail. Unfortunately, this sometimes can include our personal friends or family members. Nobody wants to see a loved one behind bars, and they will often do whatever they can to get that person out of jail quickly.
One of the fastest ways to get someone out of jail is to get a bail bond for him or her. Bail bonds require the signature of someone other than the suspect, but a cosigner should know the facts behind this method of release before engaging in it.
A person who cosigns a bail bond is known as an indemnitor. Bail bondsmen can secure the release of prisoners through a promise to the courts that the bond will be fully paid if a suspect doesn’t show up for court. When cosigning for a bail bond a fee equal to 10% of the bond amount must be paid to the bail bondsman, but this is not where the indemnitor’s liabilities end.
What Does it Mean to Cosign for a Bail Bond?
Cosigning for bail means that you, as the cosigner, are partnering with the bail bondsman to ensure the defendant’s release from jail. It involves signing an agreement that makes you financially responsible to the bail bond agency if the defendant fails to appear in court. As a cosigner for a bail bondsman, you’re essentially promising to pay the full amount of the bail if the defendant does not fulfill their obligations.
Bail Bond Cosigner Requirements
In order to cosign for a bail bond, the cosigner must be at least 18 years old and have a valid form of identification. The cosigner will also be required to sign an indemnity agreement. This document states that the cosigner agrees to be financially responsible for the full bail amount if the defendant does not show up for their court date. The cosigner can be held liable for the entire bail amount, even if they only put up a small portion of it.
When an individual signs off on a bail bond, they have taken full responsibility for the suspect. An indemnitor is guaranteeing the bail bondsman that the suspect will show up for every court date they are assigned, until all court proceedings stemming from the charge have concluded. This can occur if charges are dropped, sentences are deferred, the accused is sentenced, or if the accused is returned to jail.
Risks for the Cosigner
There are substantial risks to cosigning a bail bond. The 10% fee is not a risk the indemnitor is taking, due to the fact that the bail bondsman has earned this fee once the bond is posted. The indemnitor must also sign an agreement stating that if the suspect absconds from justice, they are liable for the full bond.
This often requires pledging actual property (collateral), to ensure the bail bondsman will get the money they have pledged by way of a surety bond. If a suspect makes all court dates then this agreement is cancelled and only the 10% fee is incurred.
If a suspect absconds (flees), it is in the best interest of the indemnitor to get them back to court. Even if the suspect misses a few court dates the indemnitor is liable for failure to appear fees. These fees increase the longer a person is missing. If the time allotted by the court expires, then the bond may be forfeited and the indemnitor can be liable for the full bond; and may very well lose their pledged collateral.
In the end, it is up to each individual to decide whether or not they feel comfortable cosigning a bail bond. Bail bonds will get an imprisoned inmate out of jail quickly, but they do carry risks for the indemnitor. Knowing all of the facts and rules of bail bonds is essential before undertaking this responsibility.
Do You Need a Cosigner for a Bail Bond?
Not always, but having a cosigner can significantly increase the chances of obtaining a bail bond, especially if the defendant’s credit score or financial history is not strong. A cosigner with a good credit history assures the bail bond agency that the bail bond agent’s risk is minimized, making it more likely for the bail to be approved and the defendant to be released from jail.
What Happens if You Cosign for a Bail Bond?
If you cosign for a bail bond, you take on several responsibilities. Initially, you may be required to pay a fee (typically 10% of the total bail amount) to the bail bondsman for posting bail. You also agree to be liable for the entire amount of the bail if the defendant does not show up for their court dates. This commitment might involve pledging personal assets as collateral to secure the bond.
Can a Cosigner Be Removed From a Bail Bond?
Yes. In most cases a bail bond company can remove a cosigner from the bail bond agreement. The cosigner may decide to be removed from the bail bond if they feel that the defendant will not adhere to their court obligations. If the cosigner is removed, they will no longer have any financial or criminal liability in regards to the bail bond.
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