25 Apr What You Need to Know About Being a Bail Bond Co-Signer
When a legal document needs a co-signer, it means it needs an additional person to cover the debt in case the first person, cannot make good on their payments and promises. Co-signers are not uncommon for major purchases like cars, homes, loans, and even bail bonds.
A co-signer will generally have a good credit history with an established income. In case they actually do need to pay the debt of the first person, they can do so without trouble. As you can imagine, agreeing to be a person’s co-signer comes with some risk.
For example, say John Doe was arrested and put into jail. He is allowed to post bail, which is set at $100,000. He decides to post this bail using a bail bond. He will now have to pay 10% of the $100,000. He has time to pay this all off, since he and the bail bond company agreed on a payment plan. He also promises to show up for his court date.
The bail bond company requires John Doe to have a co-signer on his bail bond, in case John Doe fails to make his bail bond payments. This co-signer will then be responsible for making the payments. The co-signer will also be responsible for making sure John appears for court.
Before making the commitment to be a co-signer, many things need to be taken into consideration, such as financial stability, how stable of a relationship the potential co-signer holds with the other person, and how honest this other person is.