Bail is an amount of money the court requires before someone who has been arrested for a crime is let out of jail. However, suspects’ releases are temporary and typically last until the final court decision, at which time these individuals are either released or the judge determines they should go back to jail for a specified period of time. Most people need a bail bond to pay their bail.
What is a Bail Bond?
Before looking for affordable bail bonds Williamsport PA, individuals should know what a bail bond is. A bail bond is a type of surety bond. When individuals are awarded bail, or the judge determines that they can pay a specific amount of money to the court before they are released, they sometimes owe more in bail than they have available. When this occurs, these suspects need to seek a bail bond, which is a type of short-term loan.
How Does it Work?
Accused individuals or their friends and families may seek help from a bail bondsman or bail bonding agency. For a fee (typically 10-15% of the full bail amount), the bonding company will front the rest of the bail and get these individuals out of jail. However, the bonding agency may require collateral to cover the full amount of the bond. The bondsman will then take the information about those who are accused of crimes, including names, charges, and booking numbers, and get them released.
What Can Be Used as Collateral?
Collateral can be anything of value. For example, real estate, vehicles, jewelry, electronics, art, antiques, stocks and bonds can all be used. In addition, Cash in a bank account or investment account may be used, but these funds will be unavailable until the bail is released from the courthouse. Although the collateral is not surrendered immediately, the bondsman does hold the title during the court process.
Bail bonds help individuals get out of jail so they can go back to work and prepare for their defense. However, prospective borrowers should learn about these tools before seeking a bond.