If someone you know has been arrested, you may be asked to be a cosigner for them for their bail bond. However, you may not know what that means, what is required, and what could happen to you if you do cosign for the bail. If you’re looking into cosigning, you need to know what is expected of you and what could happen if the person doesn’t show for their hearings.
Being a cosigner means that you either put up a percentage of the bond, or you put up something as collateral for the bond. When you are a cosigner, though, you must agree that you will make sure that the person you are cosigning for shows up to their hearings. You will have to sign an agreement stating that you will be responsible for the entire bond payment if they do not show up, so it’s important that you consider this before becoming a cosigner for Bail Bonds in Polk County.
When you cosign for the bond, the bondsman will let you know what the percentage of the bond you need to pay is, and you can either pay with cash/credit or give them collateral, such as the title for a car to cover the payment. The bondsman will go over everything with you before you pay so that you have a chance to make sure you want to be a cosigner. They will then have you sign a legal, binding agreement, and they will pay the full bail and get the person who was arrested released.
If the person you are cosigning for doesn’t show up for their hearings, two things will happen. The first is that a bench warrant will be put out for them and when they are stopped they will be re-arrested, and they will have to stay in jail until their next hearing. The second thing is that the bond will be forfeit. This means that you will either lose your collateral to the bondsman or you will have to pay the remaining percentage of the bond to the bondsman.
Before you agree to pay the bond for someone to be released from jail, make sure you speak to a bondsman such as Bond James Bond, Inc. They can explain Bail Bonds in Polk County to you and ensure that you understand the conditions before you sign and pay for the bond.
