Before cosigning a bail bond, you may want to know what you’re getting yourself into. It’s a nice gesture to do for that friend or family member who was arrested because it shows you care and are supporting them through this ordeal. However, there are some very big risks that could be of concern, and we’ll lay them out right now.
- • You agree to pay off the full bail bond if the defendant fails to appear in court.
- • You must pledge collateral to support the bail bond.
- • You must relinquish your pledged collateral if the bail bond is revoked because the defendant failed to appear in court.
You’re probably already aware, but pledged collateral is no inexpensive item. It’s typically real estate property, vehicles, and valuables like jewelry, electronics, and firearms.
Risks like that may completely deter people from ever cosigning a bail bond, even for their most trusted loved ones, but cosigners also do have powerful rights to protect themselves. They may withdraw their name from the bail bond at any time they wish if they feel that the defendant will skip court or violate the law again. By revoking their name from the bail bond, the defendant will be taken back into custody and the pledged collateral will be returned to them.