What Happens If I Cosign For A Bail Bond?
If you cosigned for a bail bond through a bail bonds company, you are then responsible for the full amount of the bail if the person you signed for doesn’t come through with paying for it themselves.
Cosigning on a bail bond is a big risk, here are some things to consider when thinking of bailing someone out…
- Have they ever skipped bail before?
- Are they reliable?
- How much money do they have in their bank account?
- How much money do they make, do you think they can pay back the loan?
- Do they have a drug habit? Drug users have a higher rate of not appearing
- Is the crime serious? Some people think skipping court and hiding in another state is a way to escape, but they WILL get found
Example Bail Bond Cosigner Scenario
Let’s say the bond is $30,000, and you are the co-signer. You pay the bail bondsman $3,000 (10%) to get your friend out of jail until the court date. Your friend doesn’t show up for court and runs. The bondsman cannot find them or they don’t have the money to pay. The bondsman is not out $30,000. You now owe the bail bonds company $30,000, and they will do everything in their power to collect that $30,000 back.
What Bounty Hunters Will Do If Your Friend Runs
Bounty hunters have a high success rate at finding people, see what bounty hunters are legally allowed to do. The bail bonds company will go after them, their family and friends and workplace to find them and get them to show and put them back in jail.
However, if the person you bailed out cannot be found, the bail bonds company will come after you for the money. Bail bonds companies may contact you, your friends, family, facebook friends, your workplace and in some cases, end up taking your property as payment in equal amount to the full bond.
Do You Get Bail Money Back If They Are Found Guilty?
If you signed for a bond for someone else and they are guilty, it doesn’t matter. Bail money is for getting someone out of jail until their court appearance. If they show up to their court date and you paid the court the full amount of bail, you will get your bail money back.
If you paid a bondsman’s fee to get your friend or family member out of jail, then the 10% payment you made is non-refundable. See are bail bonds refundable.
I am about to bail someone out ($10,000) through a bondsman. I know the defendant and I am sure he will appear but if something happens and he skips I fully understand the bail bondsman will come after me for the $90,000. However, I simply do not have $90,000 and my income is below the amount where he can legally attach my income. What happens then (I put up no collateral, I have none)?
Thanks for the question. So actually the 10,000 is the premium and you would be responsible for the full $100k
With that said it would go to court and a judgment against may be the outcome and possible garnishments from that.
All of which is avoided if he can be found prior to judgment on the bondsman for the forfeiture.