Federal bail bonds are similar to state-level bail bonds, yet they differ in several key areas. This post will explore what Federal bail bonds are and what makes them different from their state-level counterparts. Let’s get into it!
What is a Federal Bail Bond?
Federal bail bonds are pretty much exactly what they sound like: bail bonds for federal crimes. The most common type of federal bail is an Appearance Bond. In appearance bonds, a family member or loved one fills out and signs the CR-04 form, which will help ensure the court that payment will be made in full. Another name for the CR-04 form is “Affidavit of Surety.” However, that begs the question:
How Does Federal Bail Work?
First, the judge (or magistrate) sets the bail amount for the case. Then, the same judge or magistrate will determine who qualifies to be a surety of the bond. For surety eligibility, the person in question needs gainful employment with a stable income. In addition to designating surety, federal bail procedures require more of the defendant. For example, defendants are often required to comply with drug testing, travel restrictions, pretrial monitoring, and more. If a defendant violates their bond conditions, then the court will request immediate payment in full of the bond.
How Property Collateral Relates to Federal Bail
In addition to designating a surety and additional requirements for eligibility, federal bail requires personal property as collateral. The judge or magistrate assigned to the case will determine what types of property can be used. As a general rule of thumb, the property collateral in question must have equity equal to or exceeding the amount set for bail. You determine equity by subtracting any outstanding liens or money owed against the property from the current market value. For example, a home appraised at $300,000 with a mortgage balance of $150,000 would have an equity of $150,000.
Federal Bail Creates More Risk for Bail Companies
Federal bonds also create more risk for bail companies. That additional risk and necessity of property collateral make federal bail bonds considerably more expensive for all involved parties than state-level bail bonds.
Let ABC Bail Bonds Help with Your Case
The court is particular about how federal bail bonds can be prepared. The necessary paperwork includes an appraisal of the property, title reports, and other documents. Since the process is complicated, it is smart to hire a professional to help. Court approval isn’t guaranteed, and the incorrect filing of paperwork could lead to your loved one being detained for longer than necessary. If you need help securing federal bail for a loved one, don’t hesitate to contact our team here at ABC.