If a friend, significant other, or family member is arrested, they may come to you and ask you to co-sign on their bail. Many bail bonds companies require a co-signer, as it is a way to ensure they will get their money if the defendant runs off, doesn't pay their bail amount or doesn't show up for court. Deciding whether or not to co-sign for someone's bail is a big decision. You are financially responsible for this person's bail. Here are a few of the factors you need to consider when deciding whether or not to co-sign someone's bail for them.
How Financially Stable the Individual Is
One important factor you need to carefully consider when deciding whether or not to co-sign someone's bail for them is how financially stable the individual is. Do they have a stable job or are they currently unemployed? Do they struggle to make ends meet or live comfortably? If the individual is unable to pay the bond per the terms set forth in their agreement, you may be on the hook to make any payments. If you fail to do so, your credit could be affected. If someone is not employed or already has financial difficulties, they may struggle to pay their bail agreement, which can financially impact you.
How Well You Know the Individual
The other major factor to consider when deciding whether or not to co-sign someone's bail for them is how well you know the individual. Do you know them well? Do you know their family? Do you know their friends? If they were to not show up to court, would you know how to get a hold of them? If someone out on bail runs, you could be held liable for their full bail amount to the courts if you can't turn them in to the bonds company or the courts. This is not the ten percent fee you pay a bail bonds company, but the full bond amount that typically amounts to thousands of dollars. If you do not know where you could find someone if they skipped out on court or alternative ways to get a hold of them, co-signing for them may be a huge liability.
Deciding whether to co-sign for someone in jail is a big decision. Emotionally, you may want to help the person out. However, you have to think logically and not just emotionally. Always consider how well you know the individual and what their financial situation is before you decide whether to co-sign on their bail or bail them out on your own. For more information, contact companies like Pat's Bonding.Share
14 February 2017
Adoption is a beautiful thing. Raising a child someone else had is a completely unselfish act of love. Do you want to adopt a newborn in the near future but are afraid you won’t have the necessary funds to do so? Consider meeting with an experienced financial adviser. This professional can sit down with you and recommend viable fundraising options. For instance, you might want to take out a loan. Or you may wish to sign up for a grant. Obtaining a tax credit is also an alternative. On this blog, I hope you will discover effective tips to help you raise money for an upcoming adoption.