When it comes to saving money, a little know-how, some commitment, and practice all make the task easier as time goes on. Setting your child up with the opportunity to start saving money from a young age is an awesome way to ensure that they are prepared to make smart saving and investing decisions once they start working as an adult in the real world. Assigning paid tasks around the house and using jars as “bank accounts” for saving and spending is an effective foundation to start with. Here, you’ll learn tips, tricks, and techniques that can be implemented as your little one ages to accommodate their learning abilities and maximize their chance of saving success in the future.
Teaching Your Little one to Save Like a Pro
Bail Bonds and Payment Plans: What You Need to Know
Claudia Bravo
If you have been charged with a crime, odds are you will receive a bail amount. Bail allows you to remain free until your case comes to a conclusion. This allows you to continue working to financially support yourself and work with an attorney on a defense strategy. There are a few circumstances under which you wouldn't be allowed bail, such as after committing extremely violent crimes or being a flight risk. But the majority of people do receive a bail amount. However, if you are charged with a crime and have a high bail amount, you may wonder how you can come up with the money to free yourself. Fortunately, many bail bonds companies will work with you and come up with a payment plan that allows you to be released while slowly paying down your bond amount. If you are considering this option, you may have many questions. Here are a few frequently asked questions about bail bonds and payment plans.
Do All Bail Companies Offer Payment Plans?
No. Bail companies are not required to offer payment plans. It is up to the discretion of the company you are working with. Traditionally, bail bonds companies will charge ten percent of your bail amount to get you out of jail. So, for example, if your bond amount is $50,000, you will need to come up with $5,000 to get out of jail. Some companies will require you to pay this in cash or with a credit card, other companies may accept collateral, and other companies may offer payment plans. If you don't have the cash to pay ten percent of your bail, call various bail bonds companies to see what options they offer to help you get out of jail.
What Information Will Be Needed to Set Up a Payment Plan?
In order to set up a bail bond with a bail bonds company, you will need to supply the bond company with some information, including your name, address, place of employment, booking number, and the address and name of the jail you're being held at. You will also likely need a cosigner on the bond. Most bond companies will also ask for references or contact information of friends or family in case they are unable to get a hold of you when they need to.
In addition to this standard information, a bail bonds company may also ask for additional information when setting up a payment plan. The type of information they need and request may vary from company to company, based on their standard operating procedures. Some bail bonds companies will do a credit check before setting up a payment plan. Some companies will want proof of your income to ensure you can pay the bond back. Some companies may want a cosigner. And other companies may want collateral, such as a car title or deed to a home.
What Happens If the Person Out on Bail Can't Afford to Pay?
If you have been freed from jail on a payment plan, it is important that you continue to pay your bond. If you fail to do so, the bond company can report you to credit reporting bureaus or sue you in small claims court. If there was a cosigner, they can come after the cosigner for the money. Or, if you put up collateral, they may take steps to gain possession of and sell that collateral. However, they can not throw you back in jail simply because you cannot afford to make your agreed upon payments. If you are following all other conditions of your release, you do not have to worry about this. However, if you are going to be late with a payment or have hit a rough patch, you should talk to the bail bonds company. They may be able to offer you an extension or work with you before they take any further action against you.
When you are arrested, you likely want to get out of jail quickly. A lack of money shouldn't be the only thing that stops you from being released. Many bail bonds companies offer payment plans that allow you to get out of jail. Learning more about this will help you decide if it is right for you should you find yourself behind bars.
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