Watching ripples drift away and echo across a body of water from a single point is a stark reminder that actions always have a reaction; and generally, these reactions are not occurring in isolation. Ripples branch outward from an initial drop in a full circle, reaching the edges of the water and then bouncing back in infinitely more complex waves. Actions that we make have consequences, and defaulting on bail can start a ripple effect of reactions that is difficult to contain. Understanding the importance of staying up to date on the conditions of bail is something that Mercy Bail Bonds, an experienced bond service provider in the state of Florida always emphasizes with their clients.
Understanding the Implications of Defaulting
Defaulting on bail is not always a direct decision, but it is usually the result of a series of decisions that lead to this outcome. The number one start of the ripple effect is a lack of communication with bail bond agencies, the legal system, and the family of the defendant. If there is no communication, none of these parties will be able to help the defendant get back on track before the situation gets out of hand. Defaulting on bail can lead to several economic issues that are both immediate and long lasting.
The immediate impact of defaulting on bail is the seizing of collateral from the defendant or their family, and the rearrest of the defendant. Collateral is often valued at the same price or higher than the full bail amount which could mean that the family of the defendant is forced to sell their cars, homes, or personal property to the bond agency to ensure they are following the law. Even though these loved ones that the defendant did not commit a crime themselves, they are still financially responsible because they signed a contract saying they would give up their collateral if the defendant would not follow all the bail bond regulations.
Further impacts on defaulting on bail include the fact that the defendant will likely lose their job from being rearrested, and defaulting on bail can often very negatively impact your credit score because bail bonds are a type of loan. Defaulting on bail is a very unfortunate action that has many sometimes devastating reactions for the defendant and their loved ones. However, there are ways to avoid defaulting on bail, but it all starts with communication.
Stopping the Ripple Before it Starts
The first thing to do when it seems like a defendant may be close to defaulting on their bail agreement is to communicate and see what’s going on. For defendants, it is important to admit when things are going poorly and ask for help when it’s need. For families of defendants, staying up to date on the regulations required by the court and bond agency and ensuring the defendant is adhering to these rules can be helpful in preventing a default as well. Responsible bond agencies, developing effective monitoring systems for defaulting can be useful in aiding defendants and their families in knowing how close they are to defaulting. Mercy Bail Bonds believes most defaults are avoidable through proper communication and action from the defendant, the bond service, and the community.
Defaulting has some nasty consequences, but it is possible to recover from this financial crisis in case it occurs. Families are often able to budget good work to restore their property, and defendants can fix their credit score by having responsible borrowing practices in the future. Speaking with financial advisors or doing research from trusted online sources can be helpful in determining the best course of action for families and defendants who have defaulted.