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There is a kind side to each of us that makes us want to help others. That is why when someone we know is arrested and seeks our help in co-signing a bail bond, we readily agree to help. This act of goodwill is laudable. But, do you realize that when you cosign a bail bond, you are assuming personal responsibility of repaying the bail amount for your friend or relative? In case you did not know the full financial burdens of co-signing a bail bond, learn it at least now by reading on.

Let us start by learning a little about the bail bond process.

Bail Bond Agreement 

A person accused of a crime tries to seek temporary release from jail until he is tried and convicted. He does this by paying an amount to the court called bail. The bail amount secures his release until he appears for the hearing. If the defendant appears in court, the bail amount is refunded else it is forfeited.

He contacts a bail bond company when an accused seeks bail but cannot afford to pay the huge amount. Now, the bail bondsman makes an application for bail on behalf of the defendant and pays the entire bail amount. In return, he charges 10% of the bail amount as his bail bond fee.

The bail bond agent draws up an indemnity agreement called the bail bond agreement with collateral property. He only agrees to post the bail if any friend or relative cosigns the bail bond.

Implications of Cosigning the bail bond.

Cosigning a bail bond is a huge financial obligation. When you do this, you take up the financial responsibility of paying the bail bond debt if the accused flees or fails to appear in court. 

Every bail bonds company tries to help by offering the accused a payment plan spaced over some time to pay the bond amount. If the defendant fails to pay it on time, the cosigner has to pay the entire bond amount with interest.

As a bail bond co-signer, you must be aware that there is a bail bond collateral involved while signing the bond. If the defendant is not able to provide this collateral, you may have to provide it. This poses a huge financial risk as you might lose your personal property if the defendant fails to pay the bond amount or flees.

Cosigner Bail Bond requirements

One has to fulfill the following requirements to be a bail bond co-signer.

• The cosigner must have a good credit history. You must be making his regular payments for all his utility bills on time.
• The consigner should have some tangible property or assets to show as collateral for the bond.
• The cosigner must have a stable employment record. Proof of employment must be submitted to the Bail Bond Agencies. they must be satisfied with your job history and income to know that you can repay the bond amount.
• The cosigner is responsible for ensuring that the accused makes all the court appearances on time till the trial is over.

Before you cosign a bail bond, check these things out

• When you cosign the bond, the accused is released from jail
• As a cosigner, you can ask for the defendant to be put on a drug treatment program or be subjected to a mental health evaluation.
• If you doubt the intentions of the defendant, you can ask the bail agent to cancel the bail bond and remand him to police custody.
• If the defendant tries to escape, you can alert the bail bonds agency and help them return the defendant to jail.
• Your cosigned account will reflect in your credit report and affect your credit score.

Reducing the risk of a bail bond scam

If the defendant forfeits bail, you are in trouble as you are the cosigner. Prevent this bail bonds forfeit by

• Checking on the defendant from time to time, even by a surprise visit
• Checking with the employer and colleagues of the defendant regarding his work 
• Maintaining records of the bail bond payment and confirming it with the defendant
• Reading the bail bond agreement thoroughly before signing
• Never co-sign for a person who you do not know or trust.
• Stay in touch with the bail bondsman to know the progress 

Being a co-signer of a bail bond has both financial and legal responsibilities. Think twice and always consult an expert bail bond company before becoming a bail bond co-signer.