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What is a bail bond in NY?
A bail bond is a financial contract between the insurance company and the court offering a financial guarantee for a defendant to appear in court.
What is the difference between posting bail or bond?
When a judge determines a defendants liability to appear in court they set a bail and a bond amount. The bail amount is a refundable cash deposit made by an individual with the promise to appear in court. A bond amount is an insurance company backed policy that can be purchased for a nonrefundable fee. Setting a bond provides defendants with a more affordable alternative when bail money is not available.
How does the process work?
The first step to getting a friend or family member released is to pay all necessary premiums and or collateral and complete all required paperwork. The bond is then taken to the court for a judge to review and sign. The signed bond is then taken to the jail and the defendant is released.
How long does the process take?
The entire bail bond process varies in time. Depending on the availability of the judge and court the entire process should be completed within a few hours.
How much does a bail bond cost?
New York State determines the cost for bail bonds and they currently cost around 10 percent of the bond. In addition to the New York state premium for a bail bond collateral may be required.
Can I make payments to get someone out of jail in NY?
The New York state premium requirement cannot be made in payments. The full amount of the premium must be paid upfront before a bail bond can be posted. Cash collateral required to secure the bail bond may be made in payments on a case by case basis using a promissory note.
What is collateral?
Collateral is a deposit made to secure the bond and ensure the appearance of a defendant in court. Collateral is fully refundable when a defendant makes all required court appearances. Collateral requirements can consist of cash deposits, signatures of family or friends with a financial guarantee of the defendant, real estate property, vehicles, tangible items of value, and in some instances promissory notes.
When do I get my collateral back?
When the case is entirely closed. Fines paid etc. Within two weeks from exoneration. If a defendant fails to appear for court collateral may by forfeited.
What are the requirements to be a signer on a bond?
Signers must be 18 years of age or older and have some form of gainful employment. A valid ID and pay-stub or proof of income is required. The amount of time signer has been as their job and the amount of money they make determines how many signers will be required for the bond.
What are the requirements to use real estate property as collateral for a bail bond?
The amount of equity in the property will determine if the property can be used solely to secure a bail bond. If the property lacks sufficient equity other forms of collateral in combination with the property may be used. A copy of the deed accompanied with a current tax or utility bill are required. All people listed on the deed will be required to sign forms to use property as collateral. If a person listed on the deed is deceased a death certificate is required.
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