Cash bail systems have contributed to high incarceration rates and poor public safety outcomes. Fortunately, social scientists have begun studying the effects of money bail.
The findings are clear: The bail system makes it nearly impossible for too many people to afford to pay the amount they’re expected to pay. In addition, it’s a harsh tradeoff for families and communities.
Affect your credit score.
It can be very costly when a loved one is arrested and imprisoned. Posting bail Lancaster PA, and paying bond premiums, court fees, and fines can all add up.
You may not know that the arrest itself and what you do after an arrest can affect your credit score. Your credit score is a three-digit number that determines whether or not you qualify for a loan, how much interest you pay, and other important financial information that employers or potential landlords can use.
Your credit score results from your payment history, credit limits, income, and credit use. Your creditors, such as banks, credit card companies, and mortgage lenders, report this information to the three major credit reporting agencies.
Your credit score can get damaged by various factors, including late payments, charge-offs, collections, and bankruptcies. Generally, any time you miss more than 30 days of a credit card or other debt payment, the account is reported to the credit bureaus as “late.”
Can be expensive
When you hear that a loved one has been arrested, it can be hard to know how you will get them out of jail. While some people use a bail bond to help them post bail, it can be expensive.
The cost of bail can vary depending on the severity of the crime and a defendant’s criminal history. Moreover, it can also be dependent on family obligations or community connections.
If you don’t have the cash to post bail, you can use personal property as collateral for a surety bond. However, it is essential to remember that the property’s value must be at least 150% of the bail amount.
Additionally, the fee you pay the bail bondsman is nonrefundable. Therefore, the company could come after you for the entire bond amount if your loved one does not show up for their court date.
Can affect your family’s finances
The cost of bail can vary widely depending on the offense, the defendant’s age and income, and other factors. The amount a defendant must pay in cash to get out of jail is usually set by a judge who considers several factors, including the defendant’s previous criminal history and whether they are a danger to the community. For example, suppose a defendant is unable to post a bond. In that case, they may be required to pay an additional fee called a premium to a bail bond agent, who will then post the bond and secure the defendant with collateral (some form of property that can be pledged as security) to release them from jail.
Affect your relationships
A bail bond is a big deal and can affect your relationships. A bail bond is a legal document that bail bondsman posts on the defendant’s behalf, guaranteeing their court appearances for a fee of around 10% of the bond amount. A bond may be secured by a cash deposit or a combination of collateral, such as property, jewelry, or electronics. Getting a bail bond is the first step to getting your loved one out of jail and back to everyday life. The best way to ensure you have the bail bond of your dreams is to speak with an experienced professional to learn about the options available to you and your family. Then, choose a licensed and insured company to handle your case to get the most out of your bail bond experience.
