When you need to get yourself or a loved one out of jail, there is a strong chance that you won’t be able to pay the full amount today. Bail bonds are the perfect solution that delivers freedom in the quickest time while usually paying just 10% right away. However, given that they are essentially a loan from the bondsman agency, supplying your proof of income for bail bonds will be vital.
Whether posting bail as an employed worker or looking at bail bonds for the self-employed, this quick guide to proving your income from a lender’s perspective will help streamline the process and get you out of jail at the earliest possible stage.
Why is Proof of Income for Bail Bonds needed?
Given that you want to post bail ASAP, the concept of supplying your proof of income for bail bonds may seem like an added hassle. Ultimately, though, you have to put yourself in the shoes of a bondsman. Some experts estimate that 450,000 Americans are in jail because they can’t afford to post bail, but a bail bonds agency can help you avoid this fate by agreeing to pay the fee on your behalf.
When a bondsman pays your bail fee, they are essentially lending you the money and will only require a 10% fee today. Consequently, then, they need to know that you can repay the funds. While bail bonds agencies are committed to helping defendants get out of jail so that they can prepare their defenses, they also have a responsibility to protect their finances. Seeing an applicant’s proof of income is the best way to do it.
Bail bonds can be used to post bail for a range of eligible arrests, with driving offenses being among the most common. Whether it’s your first arrest or not, getting out of jail in the soonest time is the goal. If showing proof of income can help achieve it, it should be a priority.
What counts as a Proof of Income for Bail Bonds?
Knowing what documents will be accepted by your local bail bonds agency is another crucial ingredient in the recipe for success, especially if you want the bail process to run smoothly. It is especially important when arranging a bail bond agreement on behalf of a loved one because you need to ensure that all relevant documents are readily available by the time that you contact a bondsman.
The median income in California is $33,719, and bail fees in the Golden State are regularly set to $10,000. This underlines the need to show that the defendant has the financial capability to repay the ‘loan’ at the agreed terms. The following files may be used as the proof of income for bail bonds for any relevant arrest in California:
Employee paycheck stub
For most traditionally employed workers, a paycheck stub will be the most convenient solution. Showing certified copies of the latest paycheck stubs will prove that a regular source of income is in place and allow a bondsman to provide their service.
Even if the arrested party has only recently moved into a new role, the latest paycheck stub could be accompanied by an employment contract to confirm that a regular source of income is guaranteed. Confirmation of increased hours or a recent hourly wage upgrade may be accepted too.
Employed workers can also show their recent tax papers and receipts to prove their steady income and show bail bonds agencies that the payment plan is affordable. It also highlights that you – or the loved one that you’re representing – have shown financial responsibility over a long period.
More commonly, tax papers are used when looking at bail bonds for self-employed workers. A 1099 tax form or W2 tax statement is the most likely solution. Tax forms may also help determine the right payment plan in terms of duration and monthly repayments.
There are many reasons why bank statements may be the best solution. Perhaps you are one of the 59 million plus Americans who participate in the gig economy to supplement their primary job. Or perhaps you work cash in hand or rely on tips to bump up your earnings. Bank statements show that money enters your account and that you can make payments.
Bank statements can be used to collate all of your payments from multiple revenue streams. Whether working several jobs or you have income from investments doesn’t matter. The bank statements will provide clarity.
Business bank deposits
If you run a small business, a business license and proof of bank deposits show that income is due in the near future. This is another proof of income example that gives a bail bondsman confidence in your ability to meet payments and removes their financial vulnerabilities.
Several types of business bank deposits could help you in this situation, especially when it shows that you plan to pay back the funds needed for the bail within the coming days or weeks. A shorter payment strategy can also aid acceptance rates for applicants with a less than great credit score.
What else is needed before gaining bail bonds?
In addition to showing proof of income, anyone who needs help with their bail bonds must also prove their identity and address. Moreover, it may be necessary to conduct credit checks to see whether posting the bond is something that the agency is able to do. In some cases, it may be necessary to make a bigger down payment or use assets as collateral.
Outside of this, the other main requirement is the 10% down payment. So, if a bond has been set to $10,000, it will be necessary to pay $1,000 towards this figure before the bail monies are paid to the jail for your release.
Assuming the terms are met, though, your loved one could be out of jail in no time. To find out more, get in touch with Balboa Bail Bonds at 619-432-6345 today.