What is the Difference Between Surety VS Cash Bonds?

Posted on December 22, 2022 by admin

When it comes to legal matters, cash bonds and surety bonds are two terms that you’re likely to come across. But what is the difference between cash and surety bonds? Put simply, cash bonds involve using cash or some other form of collateral as security for a bail bond agreement while surety bonds use an insurance company as a guarantor.

Continue below to learn the details behind surety bail bonds and cash bonds, including which one you should choose to get out of jail in Indiana.

Call 317-876-9600 For Surety Bonds in Indianapolis, Indiana.

Cash Bonds Versus Bail Bonds

Cash bonds and surety bonds are often confused for one another, but there are some important differences between them. A cash bond is a type of bail that requires the defendant to pay cash or cash equivalent in exchange for their release from jail. The cash is then held by the court until all court-ordered obligations have been fulfilled. If the defendant fails to appear at any court hearing or fails to follow other court orders, the cash may be forfeited by the court and given to victims, compensating them for damages caused by the accused.

A surety bond, on the other hand, is a form of bail posted by an insurance company that guarantees an accused person’s appearance in court and payment of fines, restitution, or other penalties if they fail to do so. Surety bonds are usually obtained through a bail bond agent who pays for a large portion of the bond cost upfront and agrees to pay any remaining balance if necessary. In most cases, only a small fee needs to be paid out of pocket.

Comparing the Two Types of Bonds

The main difference between cash bonds and surety bonds is that cash bonds require cash up front while surety bonds require only a fraction of the total amount as collateral. Cash bonds also carry more risk because they can be forfeited if all obligations aren’t met while surety bonds offer more protection since they can be canceled if all obligations are met without any financial penalty being incurred. In addition, cash bonds are handled directly by the court system while surety bonds involve an outside party (the bail bond agent) who takes on responsibility and liability for ensuring that all obligations are met according to state laws and regulations.

As such, surety bonds generally take longer to process than cash bail and require more paperwork which must include proof of identity and financial information from both parties involved in order to ensure accurate payments and proper records keeping regarding compliance with all relevant rules and guidelines governing bail payments. Finally, cash bonds can be used across multiple states whereas surety bonds must typically adhere to specific state laws which could limit their use depending on where it was issued from. This means that cash bail is often preferred when accused persons need to travel from one state to another since its acceptance is not limited by geographical boundaries like surety bail might be.

What to Take Away From All This

In conclusion, understanding the differences between cash bail and surety bail helps ensure that those arrested comply with their legal obligations while also protecting them financially should they fail to meet those requirements due no fault of their own. Knowing which type of bond best suits your needs can help you maintain control over your situation as you navigate through legal proceedings so it’s important that you understand what each involves before making any decisions regarding them.

Are you in search of the most straightforward and convenient way to secure your freedom in Indiana? Look no further! Woods Bail Bonds provides 24 hour bail bonds in Indianapolis as well as its neighboring counties in Northern and Southern Indiana. Additionally, we offer prearranged bail services for arrest warrants. Don’t hesitate – contact us today at 317-876-9600 so you can get back on track again!

What are the Advantages of Disadvantages of Using a Cash Bond?

Posted on February 23, 2022 by admin

When the term bond is used in the criminal justice system, it refers to a guarantee. This guarantee promises the appearance of a defendant in court. If they do not appear for court, or otherwise flee to evade their criminal charges, they will have a warrant issued for their re-arrest, and they will be liable for paying back their full bond amount.

After being arrested, a defendant’s bond will be set by the presiding judge. The 8th Amendment protects defendants from excessive bail, and all states follow a set bail schedule as a basis for setting bail. A defendant has the option of using a bail bond service or a cash bond.

Continue below to learn the difference between the two types of bail options, plus the pros and cons of using a cash bond to get out of jail.

Surety Bonds Indianapolis Indiana 317-876-9600

Bail Bonds Versus Cash Bonds

To understand the difference between using a bail bond and a cash bond, an example is the best way to go. Let’s say your bail is set at $5,000. You have the option of hiring a local bail bond agency and using a bail bond to get released from jail, or you can pay the jail directly via a cash bond.

Bail Bonds

If you use a bail bond, you will have to sign a legally-binding contract and pay a non-refundable fee. The fee is a set percentage of your bond premium, which in this example is $5,000. So, if the bail bond agency charges a 10% fee, you would pay $500 for bail bond service, and this fee will not be refunded to you under any circumstances.

Under a bail bond agreement, you are liable for the entire $5,000 if you do not appear for court. You see, the bail bondsman pays the court or jail the full bond amount, then charges you a fee for that service. Once you appear for your court hearing, the bail bondsman is refunded the $5,000 in full. This is known as indemnity service.

Cash Bonds

If you use a cash bond, you do not have to hire a county bail bondsman. Instead, you would simply make a direct payment to the jail or court. However, this payment must be in full, which in this example would be $5,000 in cash or collateral. So long as you appear for your court hearing, you will receive all of this money back, minus any related court fees.

PROS:

☑ You pay a smaller fee for a release from jail.
☑ They are simple and straightforward.
☑ You can make a payment at the jail.
☑ No qualifications are needed.
☑ You can use cash or approved forms of collateral.

CONS:

☒ You have to come up with a large amount of cash on the spot.
☒ You can use collateral, but this puts your assets in jeopardy.
☒ Defendants might not get all their cash back if they owe child support or back taxes.

Are you looking for trusted and friendly bail bond solutions in Indiana? Contact Woods Bail Bonds at 317-876-9600 for 24 hour bail bond services you can trust. We also offer prearranged bail bond service for arrest warrants.

What is the Difference Between a Surety Bond and Cash Bond?

Posted on October 5, 2018 by admin

Bonds are used for many reasons, most often, to guarantee a defendant appear for their criminal court date. In this case, a defendant who has been arrested has two options to get out of jail while awaiting their scheduled court hearing: they either use a cash bond or a surety bond.

Continue reading to learn the difference between the two, including which one you should choose.

Indiana Bail Bonds 317-876-9600

The primary difference between a surety bond and a cash bond are the involved number of parties. However, there are several other differences that are important to know if you have to surrender to an arrest warrant or get a loved one out of jail.

Surety Bonds

Surety bonds involve three parties: the indemnitor, the client, and the jail. The client may be the actual defendant, whether surrendering to an arrest warrant or bailing themselves out of jail, or it can be a family member or friend of the defendant. The indemnitor (or bail bondsman) is the person or agency providing the surety bond and taking on the liability of the total court-ordered bond amount that gets paid to the jail. The jail accepts the indemnity bond, and allows the defendant to be released from jail under the condition that they appear for court. If they do not appear for court, the indemnitor is liable for paying the remaining amount of money owed on the bond.

Here is an example: a defendant’s bond is set at $5,000 but they hire a bail bondsman to obtain a release from jail. The bail bondsman puts up the money to the jail in exchange for a 10% or 15% nonrefundable fee. If the defendant does not appear for court, the bail bondsman must sacrifice the $5,000 unless they can bring the defendant to the judge’s bench.

Cash Bonds

Cash bonds involve only two parties: the jail and the client. Again, the client can be the actual defendant or a friend or family member of the defendant. In a cash bond scenario, the defendant pays their set bond amount in cash directly to the jail to get released. So long as they appear for their court hearing, they receive the money back in full; if they do not show up for court, they surrender the money entirely. Not many people have $5,000 or $10,000 in cash laying around, so they cannot afford to use a cash bond. This is why we are lucky to have Indiana bail bondsmen at our service.

Need a Bail Bond in Indiana?

Indianapolis Bail Bonds 317-876-9600

Call Woods Bail Bonds at 317-876-9600 for affordable bail bonds and arrest warrant services, anytime. Our licensed and insured bail bondsmen are happy to answer your questions about getting out of jail. We also offer convenient customer services, including free jail pick up and drop off services, notary services, 24 hour emergency bail bonds, and free jail and courthouse information. Request a free estimate or information, today.