What does a cosigner on a bond mean?

What does a cosigner on a bond mean?

Co-signing a bail bond means that a person signs a promissory note or an indemnity agreement financially obligating themselves to pay the full amount of the bond if the accused person does not appear in court. The bondsman will then have the accused picked up and returned to jail.

What happens when you cosign for someone in jail?

A co-signer is required during the process of bail to guarantee that the defendant (your relative or friend), will attend their scheduled court date and pay fines when summoned to do so. A co-signer vouches for the defendant and ensures they have support on the outside in getting back on track and to trial.

What does it mean to be a co-signer on a bail bond?

Understanding Being a Bail Bonds Co-Signer. A bail bond co-signer is someone who wilfully decides to sign a indemnity agreement holding themselves financially responsible to pay the designated bail should the defendant not show up in court.

What should a co signer put up as collateral?

Often the bail amount is too large for a co-signer to pay in cash. In this situation, the co-signer will be asked to put up an asset or assets as collateral. This can be a house, car, or any other item of value. Co-signers should really be careful with what assets they choose to put forward as collateral.

Can a cosigner be released from a loan?

Sometimes, a lender may allow for a cosigner to be released from the loan agreement if the original borrower successfully makes a number of consecutive, timely payments.

When is a cosigner responsible for the defendant?

People often think that as a cosigner, they are only responsible for the defendant through their initial hearing. But in fact, you’re responsible for the whole criminal proceedings. It’s important to stay up to date on the criminal process. This includes their preliminary hearings, plea hearing, and sentencing.

Understanding Being a Bail Bonds Co-Signer. A bail bond co-signer is someone who wilfully decides to sign a indemnity agreement holding themselves financially responsible to pay the designated bail should the defendant not show up in court.

What should I know before signing a cosigner agreement?

Before signing on as a co-signer, you need to be as informed as possible. Here is a list of factors to take into consideration before you sign the agreement: Ask for specific stipulations within the agreement, such as obligating the defendant to attend counselling or even a rehab clinic.

Often the bail amount is too large for a co-signer to pay in cash. In this situation, the co-signer will be asked to put up an asset or assets as collateral. This can be a house, car, or any other item of value. Co-signers should really be careful with what assets they choose to put forward as collateral.

People often think that as a cosigner, they are only responsible for the defendant through their initial hearing. But in fact, you’re responsible for the whole criminal proceedings. It’s important to stay up to date on the criminal process. This includes their preliminary hearings, plea hearing, and sentencing.