Bankruptcy refers to the inability to repay outstanding debts by a business or a person. In such cases, a bankruptcy petition is filed by the person who owes the money (debtor). Generally, a portion of the assets owned by the debtor is then sold to pay off outstanding debts. However, filing for bankruptcy indicates that the concerned party is in no position to pay off debts and needs a fresh start to stabilize financials.
The federal court will issue a discharge order that will validate the proceeding to waive off an outstanding debt. After a discharge, no creditor will be in a position to recover their debt, as the debtor is absolved of all personal liability. A bankruptcy lawyer is more than qualified to handle the proceedings to ensure a positive verdict and a fair claim made on behalf of the client.
You must consider the following points before hiring a bankruptcy lawyer:
In case you cannot afford bankruptcy lawyers, free legal representation is available. You can contact lawyers listed in the American Bar Association (ABA) or find someone to represent your case from the Legal Services Corporation. Many bankruptcy lawyers offer their assistance pro bono to give low-income clients a fair and equal representation in the court of law.
The ABA is a union of 400,000 members of the bar spread across 3500 entities in the country. The ABA directory is one of the best resources to find legal representation online. You can search for bankruptcy lawyers state-wise and narrow down search results to local representation in your city, county, and area.
The Legal Services Corporation (LSC), on the other hand, is a non-profit entity established by the Congress in 1974. The main objectives of the LSC include providing legal aid at a low cost, ensuring fairness in the justice system, and providing critical constituent services apart from financial assistance to low-income Americans.
The courts also allow individuals to file for bankruptcy without a lawyer. Filing personal bankruptcy is beneficial only when you have a good understanding of bankruptcy laws and the legal jargons that govern the same. However, this is an alternative you can consider only after consulting with a bankruptcy lawyer.
We often stumble across the word “bail” in news or our favorite courtroom dramas. But what does this word actually mean?
In simple terms, bail is an amount that a defendant has to deposit to be released from jail. This money is imposed to ensure that the defendant will return to the court for further proceedings. The bail amount differs across cases and is decided by the judge. The money is returned to the defendant after the case is over.
There are two types of bails, namely, cash and bonds. As the name suggests, cash bails are where one needs to pay the bail amount in cash. At times, these can be comparatively heavy on the wallet than bonds, as they have to be paid entirely in cash. On the other hand, bail bonds or surety bonds are contractual agreements where the bail amount is funded through a third-party or bondsmen as the bail amount charged is expensive, generally, for severe crimes.
How to do bail bonds work?
Like mentioned before, when the bail involves a big figure, defendants can approach a third-party or a bondsman to help them. Such businesses will charge 10% of the bail amount as a fee while they cover the remaining balance amount. The bail bondsmen draft an agreement to make sure that the defendant turns up in the court. In this contract, the bail bondsmen require the defendant to use a collateral in exchange of bail.
Every bail bond agency is different, therefore, what would deem as a collateral will vary accordingly. Typically, an asset of significant value is accepted as a surety. The following are some examples of what can be used as a collateral:
Both, the court and the bail bond agency, establish some conditions for the defendant’s release. The first being that the defendant has to appear in the court for future trials and hearings. Likewise, the defendant isn’t permitted to break any laws before the final verdict. If any of these terms are violated then an arrest warrant will be issued.
The bail bond agency, on the other hand, will ask the defendant to surrender their collateral temporarily. If the defendant doesn’t show up for court proceedings, the agency will have all the rights to track them down. Moreover, if the defendant is nowhere to be found in the next six months, then they will be liable to pay the entire bail amount.
It can be a difficult process for one to get themselves out of custody. The bail system acts as a savior and helps one to get their loved ones out of custody fast. There are a variety of bonds that can secure one’s release from jail. Below are the different types of bail bonds that everyone must know about to help get custody fast.
Cash bond
As the name suggests, cash bonds are cash payments that allow one to get out of jail. In most instances, only cash is accepted by the corrections department. However, in some cases, cashier’s checks or credit cards can also be used to cover cash bails. Most people don’t tend to have large sums of money readily available to give to the correction department as in some cases thousands of dollars in cash are needed to cover bail fast. In such cases, one may have to seek the advice of a bail bondsman for the help they need.
Property bond
Property bonds may not be accepted in all states. However, in states like California, they are used occasionally. Different types of properties can be used, but real estate happens to be the one that is most commonly used. These bonds tend to be quite useful, especially, when one does not have cash available in hand to secure bail. The only drawback of property bond is that it takes time to obtain the same. One can be released from jail within a couple hours with the help of cash bonds. Whereas a property bond is handled directly by the court, there is an assessment of property value that is needed along with court hearing in order to receive the confirmation of the bond agreement. Hence, the whole process takes a span of a few weeks.
Federal bail bond
If one has been jailed under a federal crime, to secure the release, a federal bail bond is needed. Both cash, as well as property, can be used to obtaining federal bonds and they don’t require a bail bondsman. Similar to the property bonds, federal bail bonds are handled by the court directly.