How To Help Your Loved One With Posting Bail
Do you have a family member that was recently arrested and sent to jail? If so, one of the first things you'll likely want to do is get them out. They may have called you and asked you if you could post bail in order for them to be released. Bail is offered and set by the judge or magistrate and the amount ranges from a few hundred dollars to the million-dollar bracket range. Bond is set depending on several circumstances involving the alleged crime and past criminal history of the defendant. Here are just a few ways that you may be able to help your loved one get out of jail while they await their sentencing.
Bail Bonds Service
One of the most popular methods that many people use to get out of jail is through the assistance of a bail bonds service. You can visit a bail bondsman who will closely examine the case and stipulations that your loved one currently has and what the bond conditions are. The judge will list the bail and then you can request the amount through the bail bondsman. Typically, you'll have to pay 10 percent down for the bail amount for the bail bondsman services. This is oftentimes non-refundable, and you won't get it back. You'll also be responsible for other fees as well. This is a great way to get your loved one out of jail quickly without having to put up a lot of cash up front. The main drawback is that if the defendant does not show up to their court dates, the bond is forfeited. If you used any collateral such as your vehicles or home, you'll face repossession or foreclosure.
Obtaining Loan Services
If for some reason you're unable to get a bond for your loved one, you'll have to come up with another way to get them out of jail. This could be through a personal loan or by taking a loan against your mortgage. Both are risky, especially if it's a large loan with a high interest rate. Shop around to get the best loan with a low APR so that you can get it paid off as quickly as possible. You may also be able to take out a home equity line of credit. This is a great option if you have a lot of equity built up in your home or it's paid off. Talk to your bank's loan officer to see if you qualify.
Tapping Into Savings And Retirement
Another way to gain access to cash is to dip into your savings or retirement account. You may pay a penalty for doing so, but it may be cheaper in the long run compared to the terms of a high-interest personal loan or lengthy second mortgage that will take years to pay off. Never sacrifice the majority or full amount of your retirement to post bail; otherwise, you'll be back at square one with trying to save and put money away for your own future.
Having a loved one in jail can be devastating. Utilize multiple ways to help them post bail so you can both get on with your lives.
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