A person arrested for a crime is sent to jail. At this time, a court date is set for this person to plead their innocence. Bail is the amount of money required to set a person free pending their time in court. Someone who pays their bail will be able to get out of jail. The more severe the crime, the larger the bail and visa versa. In New York State, the defendant will be required to come before a judge before the bail can be set although the crime may only be a misdemeanor offense. When set by a judge, the bail can be either required as cash only or as a bail bond from an insurer. Therefore, bail bond is similar to a financial guarantee for the court to keep if the arrested person does not return for their trial. The court returns the bail when the person has appeared in court as required until the final resolution of the case. The bail system grants liberties to those accused of crimes by creating accountability with a money deposit.
A judge who has determined the accused is reliable and has a high likelihood of returning to court without paying bail allows the defendant to be “released on recognizance” or R.O.R. This judge determines whether the accused is a threat to society or a flight risk and if they fail to appear in court, the expenses to locate and re-arrest the defendant fall on the taxpayers. One-fourth of all arrests are determined by public bail while the rest of cases are set by commercial bail which necessitates a bail agent. For a majority of cases, the defendant must seek a reliable bail bondsman who provides a guarantee to the court at a lesser cost to the defendant. A bail agent usually requires a premium around 10% of the bail and some form of collateral, a fraction of what would otherwise be fully paid in cash to the court. Commercial bail protects the defendants’ freedoms and maintains accountability for their return to court while better preserving their current personal income.
At Nationwide Bail Bond Agency, Inc. we protect the interest of the defendant by offering a competitive premium rate to ensure their release and protection from the penal system. We are able to manage local and nationwide bails and we handle each case with special care. You can remain confident that our dedicated work makes the bail process as seamless as possible. We provide fast, easy, and reliable services and are available 24/7, 365 days a year. Please call and ask a qualified bail bondsman about posting a bail, we are always available to help.
Contact: Neil Pedersen, ARM
Phone number: 212.608.7900
15 Maiden Lane, Suite 800
New York, NY 10038
When bail is set in New York State, the Judge is required to set two types of bail. This first type of bail is generally a cash amount that you can deposit directly with the court to obtain the release of the defendant. The amount you pay for this is determined by the court. An example of a bail is if bail is set at $10,000.00 bail and $15,000.00 bail bond, you can post $10,000.00 with the court or jail directly or obtain a $15,000.00 bond. The $15,000.00 bail bond would be obtained through a bail bond agency. This can also be referred to as an insurance company bond, a surety bail bond, or a bail bondsman. The cost for a $15,000.00 bail bond in New York County or Kings County will be $1,160.00. Collateral may also be required (An additional $1,500.00-$3,000.00 on a $15,000.00 bond) but that is refundable at the conclusion of the court case regardless of guilt or innocence provided the defendant appears at all of their court dates. The $1,160.00 is the non refundable charge that the bail bond company earns when the bond is posted. If the person signing for the bail bond owns real estate (their own home) Nationwide Bail Bond Agency, Inc. will waive any cash collateral that may be required by other bail bond companies.
Real Property or Homes
Among the most common types of collateral is bail bond collateral of property or home. Properties or home values usually exceed the amount of a normal bail bond thereby making it a widely accepted form of collateral for most bail bondsmen. Houses and properties are common collateral for larger bail bonds.
Residential: The home or property is more easily accepted as collateral when the mortgage is paid off in full, making it more equitable. All property that is placed for collateral must have enough equity to equal the total bail amount. Since most homes exceed a normal bail bond, if the defendant does not show up in court, the property used as collateral can be foreclosed in order to recover lost funds.
Commercial and Industrial: Commercial property is more difficult to value. However, a bail bondsman can call upon specialists who can help evaluate these types of collateral deals. This makes it possible for defendants to use their offices, shopping centers, stores, hotels, theaters, factories and parking facilities as collateral.
Agricultural: Farms, timberland, pastures, ranches, and orchards can all be used as collateral. Yet again, these properties can be difficult to assess the value and are usually difficult to sell. Depending on the current real estate market, the value of agricultural land will be assessed to determine if it is sufficient for collateral.
Being incarcerated is often an unpleasant ordeal, as it leaves you and your loved ones with the task of coming up with enough money to cover the cost of a bond through a bail agent. But even if you do not have enough cash on hand to pay, you may still own enough property or goods that can be used instead. If you own any of the following, you may be able to use them as collateral for a bond with our agency in order to walk free today.
Cash: The most simple form of collateral is to provide the cash equal to a % amount of the bond required. Cash, money orders, credit cards, or cashier checks are the only forms of cash accepted. Using cash to secure a bail for a bail bond ensures the defendant is backed by the Bail Bonds company and the Insurance Company with which the bail bondsman works.
Stocks & Bonds: The value of assets that are in the market can be used to secure a bail bond if the defendant offers brokerage statements to prove value and access to the stocks and bond.
Certificate of Deposit: A Certificate of Deposit (CD) is a special type of deposit with a bank, credit union, or investment firm that typically offers a high rate of interest than checking or savings. This is because you cannot access your balance prior to the maturity date without an early withdrawal penalty or an opportunity cost of the future interest lost. A CD is accepted as collateral with proper certification of value and access to the deposit.
Businesses: To transfer the value of a business as collateral, the record of finances needs to be assessed to determine whether it has sufficient revenues and liquid cash on hand. This type of collateral may take longer than others to be evaluated.
Personal Property: It is difficult to establish value for personal items therefore most bail bondsmen do not accept personal property. However, particular items which can be easily appraised, such as art, is accepted by Nationwide Bail Bond Agency, Inc. We do not accept items such as jewelry, automobiles, and boats.