If you find yourself in jail and need to post bail, you may find yourself struggling to find the cash you need to do so. Thankfully, you can use a local bail bond company to provide you with the money to get out of jail. But what can you do if you do not have someone to co-sign the bail bond? Here are 3 questions you may have about it.
Why Do You Need A Co-Signer?
A bond company wants to have a co-signer involved in the bail bond process since it will increase the chance that they will have the money returned to them. If the accused person released from jail does not show up to court, payment for the bail bond can be requested from the person that co-signed for the bond. Agreeing to this financial risk is why friends and family members are often hesitant to co-sign for a bail bond.
Is It Necessary To Pay Bail?
It is possible that your judge will determine that you have a very low risk of not showing up to court. This is likely if it is your first offense, the degree of the crime you are accused of, or if you are a local business owner with ties to the community.
Being released on bail is not a guarantee, but it is possible. You can ask the judge to be released on your own recognizance (O.R.), which is the legal name for being released without bail, and the judge will decide if they will allow it. Being denied O.R. means that you will need to find an alternative way for you to pay for a bail bond.
Can You Borrow Against Your Own Assets?
It is possible to use your own assets as collateral for a bail bond, but it is up to the bail bond provider to accept these assets. For example, if it is a vehicle you are using, it must be one that has been paid off and not owned by the bank. If it is a home, the condition of the home may play a factor in if it is acceptable to use.
Know that most states will limit access to personal bank accounts when you're accused of committing a crime, so cash may not be an option for you. Using an asset as collateral means that you will allow that asset to be seized if you do not show up to court and jump bail. To learn more, contact a company like A Bail Now Bail Bonds, Inc.