How Do Bail Bondsman Make Money – Must Known Facts
The profession of a bail bondsman is something that proves to be a bit risky for the newbies in the business but is a boon for those who have established their feet firmly in the field. If you feel passionate towards being a bail bondsman, then you must be wondering about how do bail bondsman make money. The answer to the question lies in knowing the bail procedure and how a bail bondsman carries out works. The subsequent paragraphs will give a brief description of the work procedure and explain how bail bondsmen earn. You may also seek help from Employment lawyer near me .
How do Bail Bondsman Make Money – Procedure
To understand the Bail bondsman requirements, we should first understand the type of work they do. In brief, a bail bondsman is a person who arranges the release of an accused by merely signing him a bond on the condition that he/she will return to the court on the scheduled appointment. The bail amounts are generally very high priced. If the accused or his/her family is unable to pay it, then they reach out to a bail bondsman.
Now, where is the profit for the bail bondsman in this? The bail bondsman arranges a free of cost bail for the accused and what does he get in return for doing so? Do not worry! Here are two specific things that happen within this entire procedure that explain how bail bondsmen earn.
- Non-Refundable Fee: When the bail bondsman prepares a bond for releasing the accused, they charge a small percentage of the total bail amount. This amount is generally between 10% and 15% and is non-refundable. Whether or not the accused fulfills the condition of returning to the court on scheduled appointments, this 10% or 15% of the amount is fixed for the bondsman to save for himself. Now, if a bail bondsman releases about five such accused people with a bail amount of $50,000 within a week, then a 10% of it for each accused will be around $5,000. This fee amounts to $25,000 for releasing just five people in a week. Now, that’s a good profit! To understand the Bail bondsman requirements, we should first become to know why we need bail bondsmen.
The Collateral Policy: It’s all well and good if the accused appears in the court on the scheduled appointments. However, what if he/she runs away? If the accused does come to the court on the scheduled date, the bail bondsman will be liable to pay the total bail amount. This can be a loss. The good part is that as per the procedure of preparing the bond, the bail bond agents usually take some property of the accused as collateral. So if at any time, the accused fails to fulfill the conditions, the agent can sell the property and pay the full bail amount, upfront to the court. Trying to describe How Do Bail Bondsman Make Money in this article may be help you to understand the whole process.
In this way, by charging 10% of the total amount and holding a guaranteeing asset of the accused as collateral, the bail bondsmen make their money. Still doubtful about How Do Bail Bondsman Make Money? Feel free to contact Online Attorney .