If you must bail out a loved one, obtaining a surety bond may be the best way to do so. As long as you turn to a reputable agency, the arrangement should be quick, convenient, and affordable. Before signing on the dotted line, though, it’s important to familiarize yourself with all that taking out a bond entails. To help you get started, here are the answers to some of the most frequently asked questions on the subject.
Surety Bond FAQ
Why is it necessary?
Surety bonds allow families to bail out their loved ones without having to pay the entire bail amount. You’ll pay a percentage to a third party, who then pays the entire bail on your behalf. As long as the defendant returns for all scheduled hearings, you will not owe anything beyond the initial fee. Such bonds are necessary because bail can be a major unanticipated expense, and many families don’t have enough cash on hand to cover it.
How much do they cost?
State law regulates the price of these bonds, and county regulations can impact this as well. In Georgia’s Cherokee County, for example, bondsmen can’t charge more than 15% of the total bail amount. The $20 jail fee must also be paid on top of the percentage.
Are there different kinds?
In its simplest form, the bond protects parties from breach of contract. While people often associate them with bailing someone out—known as a court surety bond—they can also be used over the normal course of business. For example, contract surety bonds hold general contractors accountable for fulfilling their obligations, whereas commercial bonds ensure companies are complying with all licensing requirements. Finally, fidelity surety bonds protect both businesses and their customers from employee theft.
Do I need collateral to acquire one?
As long as you meet certain requirements, you won't have to submit collateral. For example, the bail bond agency may want to see proof of regular income. They may also run a credit check. If you don’t meet their minimum requirements, though, using an asset as collateral for the bond may be necessary.
If someone you love ends up behind bars, turn to Godfrey Bonding for a prompt surety bond. Based in Canton, GA, they’re the oldest bail bond agency in Cherokee County. As such, they have a long history of satisfied clients. A family-run business, they understand the importance of getting relatives released as quickly as possible. That’s why they're ready and waiting to take your call, 24 hours a day, seven days a week. To discuss your situation with a member of their team, call (770) 479-5230. Visit their website for directions to the office.