When people are arrested, they may have the option to post bail to secure their release from jail while awaiting trial. Bail is typically set by a judge and determined by the accused’s crime and criminal history. If someone lacks the funds to pay for bail, they can contact a bail bond company.
The bail bond company provides the funds required to post bail in exchange for a fee. But bail bonds have different types.
Here, we discuss five common types of bail bonds.
Cash Bail Bonds
Cash bail bonds require defendants to pay the full amount in cash or an equivalent form to secure their release. These bail bonds require the defendant or their loved ones to pay the bail amount in cash or a comparable financial instrument. The court holds this payment as a guarantee for the defendant’s appearance in court proceedings.
This option appeals to individuals who can afford to pay the entire bail amount. If the defendant complies with all court appearances, the cash is typically returned to the person who posted it after concluding the case.
So, it’s crucial to understand that it has the financial means to post cash bail, which is why alternative options like surety bonds exist. Additionally, If the defendant fails to appear in court, they may forfeit the entire cash bail amount.
Own Recognizance Bail Bonds
Own recognizance bail bonds are no-cost bail, meaning that a defendant does not need to provide any financial assistance to be released. However, the defendants are required to sign a written promise to appear for trial as needed.
Example: Amanda is homeless and was taken into custody at noon as she was sleeping beneath the bridge close to the sheriff’s office. She was putting her own life and those of other drivers in danger. Amanda is poor and is unable to post bond due to a lack of funds. She is released on a signed promise that she will appear in court within two weeks.
Property Bail Bonds
A bond that uses property as collateral is known as a property bond. Property bonds are not legally recognized or accepted in every state in the United States of America.
For these bonds, the full rights of any property must be utilized. The most widely recognized kind of property bond uses real estate as collateral. However, it is not the only property type eligible for these bonds.
Besides the apparent distinctions from surety bonds, the most important distinction is the time it takes to secure a property bond. Completing all the inspections and paperwork can take weeks.
Surety Bail Bonds
In a surety bond, the bail bond agency pays the entire bail amount under the legally binding assumption that the defendant will fully repay it. This kind of bail bond often charges the defendant 10% upfront for incentive purposes (and to ensure that the bail bond agency gets at least a portion of its investment back).
The surety bond process often proceeds as follows:
- You get arrested
- A judge sets bail
- You can contact Anytime Bail Bonding
- You are aware of all of your financial responsibilities.
- We pay your bail after you pay the necessary fees.
You are then free to go under the assumption that you will appear for all of the scheduled court dates. Otherwise, you will skip bail, and a warrant will be placed for your immediate arrest.
Unsecured Bail Bonds
The main distinction between secured and unsecured bonds is that the latter doesn’t need collateral. In other words, nobody will lose money or fixed assets if your loved one does not appear for their trial. However, the court will impose a fine or a jail sentence in this case.
An unsecured bond is typically offered to defendants who have committed a minor crime or misdemeanor. An accused person with a criminal history is unlikely to be released from jail under an unsecured bond.