Arresting is a terrifying experience , especially when you’re innocent. Typically, suspects read their Miranda rights, are handcuffed and taken to prison. check us out here The suspect becomes a prisoner after being processed, photographed and imprinted fingerprints. The accused may be offered immediate bail, depending upon the seriousness of the alleged offence.
If the offense is not a minor offence, then the defendant will be held in custody until he is brought before a bail hearing judge. At the hearing, the judge will determine if the defendant is eligible to be released or not, and if so, how much he should pay. If the convict can pay the charge, only the same day he will get out of prison. Since the cost is always very large for a criminal crime, a convict or his loved ones can be required to seek bail bonds.
Who Are You?
Bail bonds was a type of compensation scheme paid out to ensure sure the convict is turning up for his court date. Bonding out is a fairly common practice, as most people who are accused of a crime come to court on the scheduled date at the scheduled time. There are even companies that are lending money to people to cover those costs.
What’s With Them in It?
Like any institution that lends money out, the service charges interest rates for those who deal in bail bonds. Such levels also rely on the extent of the debt and the accused’s criminal records. When a defendant is deemed to be a potential flight risk and still receiving bail, it can be difficult for him to secure a loan from a bondman. Nonetheless, a guarantee is issued at a relatively acceptable cost of 10 per cent in the vast number of situations.
If a bondman is concerned that the defendant may run bail, or “jump,” he may request collateral. He does this because the court will hold the bondman financially responsible if his client fails to show up, i.e. he will lose the bond he posted after a certain number of days. When the loan is large, and it is forfeited, the bondsman could jeopardize his business.
The bondman employs bounty hunters to ensure he is not losing his money. It is the job of these freelancers to track down fugitives who have skipped their date on the court. If the bounty hunter gets his hands on the fugitive, he will receive a percentage of the bond before the cops do. But the bounty hunter goes home empty-handed, if the authorities catch him first. The bondsman wins anyway.
Once the criminal is brought to justice, the bondman gets his money back along with the interest payment, giving him a small profit on the transaction — especially if his client was caught by the police and he didn’t have to pay a bounty hunter. But since margins are always razor-thin, most bondholders earn profits on sheer company value, which also involves bailing out small or petty offenders and taking collateral.