Do I need a bail bond if I have the money to post bond? When it comes to posting bond, you probably have many questions. Here are some things to consider when you’re trying to get your loved one out of jail.
Do I Need a Bail Bond if I Have the Money?
The simple answer to whether you need to hire a bail bonds company if you can pay the bond amount yourself is no. If you can spare the cash to cover the entire bond amount, you do not need to hire a bail guarantor.
However, before you pull out your checkbook to cover the bond yourself, let’s take a look at the pros and cons of this option.
The Benefit of Paying Upfront
The most exciting benefit of posting your loved one’s bond yourself is that you won’t need to worry about paying for bail bond premium. In exchange for posting bond, you’ll pay a nonrefundable fee to the bail bonds company. Since it often amounts to between five and ten percent of the total bond amount you can save money by bypassing the bail bondsman.
The Downsides of Self-Financing a Bail Bond
Even if you can afford to cover the total cost of bail, it might make sense for you to use a bail guarantor. Think about what it means to your finances to have so much cash tied up with the bail bond. Things to consider include
- Cash commitment – Financing bond for a loved one involves using a significant chunk of cash that could instead go toward building your overall wealth. It’s possible that the money could be tied up for years waiting for the court case to conclude. Are you prepared to have so much of your money set aside while the criminal case is open?
- Possible penalties – Will you have to dip into investment accounts and pay the penalty for early withdrawal? Keep in mind that there might also be adverse tax implications when you take money out of your 401(k) and IRA accounts before you meet the legal minimum retirement fund withdrawal age.
Choose a Bail Bonds Company
You maintain a flexible financial position when you contract with a bail bonds company like Szar Bail Bonds. Not only will you keep a large amount of money in your pocket but you’ll also protect your ability to spend your money on other things while your loved one is out on bail. Contact us for details on how we make posting bond affordable.
Lastly, if you’re asking “Do I need a bail bond if I have the money” to post bond myself it’s time to call Szar Bail Bonds to explore your options. We’ll give you honest information to help you decide if posting bond without using a bail bonds company is in your financial best interest. Contact us to get your loved one home as soon as possible.