What Are Federal Bonds

The law can be quite tricky sometimes. But in most cases, it tries to be as accommodating as possible. For instance, Federal bonds come into play if you get bail but cannot afford to pay it. In this case, you may be granted a federal bond. With this, you will need to give the court a surety that you will follow the rules given to you until the hearing. In most cases, the federal bond rules are different from state to state. For example, in many states, you will need a bail bond agent. If you are looking for a bondsman in Connecticut, you can contact us to help you with the process.

How do Federal bonds work?

First bonds are issued at a district level. This means one will be issued to you by the district court. The issuing of the bond happens after you receive your bail but cannot pay it. In this case, the court will issue a bond instead. The process can take a bit of time before you are released. Generally, it takes a few days to a few weeks for the process to be completed. The main reason for this is you need to comply with all the court’s needs depending on the kind of Federal bond you are applying for. Let us look at some of the different types of bonds that you can request.

Appearance bonds

In this case, you need a family member or close friend to apply for the bond for you. The person needs to be financially stable and have a constant source of income. This is because they need to sign a CR-04 form, an affidavit of surety. The person will need to guarantee the court that you will follow all the rules they have stated. The person will be obligated to pay the court your full bond if you break any of the rules they provided. These rules are usually related to the kind of law you broke. For instance, if you were charged with a DUI, you may be required to have mandatory drug testing. One common rule that applies to almost all bonds is that the accused will not leave the state. The court will determine the bond amount, which is often around 10% to 15% of the bail amount. In many courts, the bond amount needs to be insured by a local bail bond company such as Connecticut Bail Bonds Group before your release.

Use personal Property

If you cannot get a family member or a close friend to get a bond for you, another option is using your property as collateral. However, the property’s equity needs to be of equal value or more than your bail amount. Not the value of the house but the equity of the property. To calculate equity, you take the house’s value and subtract all liabilities such as loans and mortgages. For example, if you get a bail amount of $100,000 and your property is valued at $200,000, with $50,000 of your mortgage paid off, the equity you own on the property is only $50,000. This means that your property cannot be your guarantee for the bond. You need to get a property that you have equity worth $100,000 or more to get released.

As you can see, it can be quite tricky maneuvering your way through federal bonds. If you want to learn about your best options, reach out to us, Connecticut Bail Bonds Group. We will help you learn more about what you can do. Reach us through https://www.connecticut-bailbonds.com/hartford-ct-bail-bonds/.

Connecticut Bail Bonds Group
11 Asylum St, Suite 512
Hartford CT 06103
(860) 420-2245

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