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Don't make me Bear Mace you, brah - is anyone here a bondsman?
JohnnyCache
Starting DefensePlace at the tableRegistered User regular
Starting DefensePlace at the tableRegistered User regular
I'm thinking about starting a bail bonds business. Anybody here ever work at one or own one? What kind of insurance and permits might I need? I get a bit of a morass when I google.
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There's no one in the area. I can get some capital. Why? the revenue model is great, no heavy lifting?
What I'm curious about is my premlim. reading indicates that legally I'd be becoming a kind of insurance underwriter, and what kind of exam and license that might entail, and can I use credit/insurance on large bonds, that kind of thing.
I host a podcast about movies.
The reality is you will be spending most of your time doing heavy lifting attempting to locate people who skipped so you can recover what you've invested in them, as well as being a very shitty human being taking items from parents/grandparents/children who cosigned something for the drug addicted shitbird who didn't care about them and only cared about getting high. You are going to need to do a bunch of research on collections and brush up on your legalese as well as put a great deal of time into studying business management because you will be quite involved in this.
It is not an easy job and it is fairly high risk for loss of money and time. The majority of people you will deal with aren't good people and could give a shit less about you or what you are putting up and when dealing with any addict they could give a fuck less about whoever is putting their life savings or only asset of value up for them because they love them.
It isn't the bullshit that you see on TV, that is staged shit and will get you shot or sued in real life.
You will also want to retain a lawyer as people in jail have very little to do and are fond of filling lawsuits against anyone with money. When you go after their grandma's house after they skip bail, expect a lawsuit headed your way once they are caught and sitting behind bars for months at a time.
Also will want to retain carpenters/mechanics/service professionals as most of the things you will get in lieu of payment will be unserviceable and if you want any capitol out them you will need to fix them.
I am not a bondsman but have many lawyers/legal pros in my family who do work with them.
I was a collections agent for years
I meant no literally heavy lifting
I don't care so much about the families, honestly it's on them for raising a dipshit for the rest of us to deal with.
Well acquainted with the junkie mindset.
Thanks for the obligatory reality check, really, I do get what you are saying, but that's actually the side of things I know we'll. I'm more wanting to talk to people who have set this type of business up.
I host a podcast about movies.
The basic process is you fill out the paperwork, submit it to the state agency along with proof of a trust or deposit account with some minimum amount of assets in it, again, this varies by state. Once you get approved as a surety bond agent you may have more steps to go through to be allowed to actually post surety bonds in criminal cases, such as registering with the state police or court.
It sounds like you already have the broken moral compass required for this line of work.
Thanks, this is useful. I know my state is actually ridiculously permissive. Can you spitball what the percentage on deposit needs to be?
IRT iRevert if you want to have a debate threat about it, start one in the right forum and tag me in it, I'd be happy to discuss it in a less focused context.
I host a podcast about movies.
I was involved in a life altering incident that was no fault of my own. As a result I've had operations on my back (spine), knees, hip, shoulder, and face. During the recovery of this I've been on just about every high strength pain killer you can think of. I was prescribed Oxycontin by a doctor who later was convicted of writing scripts basically so he got a kickback from them for selling their shit and as such I've run the gamut of addiction and withdrawal symptoms.
While I was able to go through the entire thing without resorting to sucking dicks in a alleyway for a fix I met others who weren't quite as lucky, the one that sticks out in my mind the most was a woman from a group that I briefly attended who was gangraped and because she was fighting was shot up with heroin. While yeah mental trama and all that it took one forced injection to do her in and it was a non-stop chase.
I'm not debating that the majority of people who need to be bonded out aren't shitbags, because lets face it the vast majority aren't angels, but to lump everyone who has an addiction into the group of "scum of the earth" and "its the families fault" is just wrong.
It's a multiple. So if you have 100, 000 in your account you can write surety bonds that would be 5 times that amount. You can't write a single bond greater than the amount but you can write multiple.
Just start checking with whatever agency in your state handles all this. They will have all the info you need.
If I take property as either surety or payment (like holding on to a guy's car or whatever) does that put me in the category of, say, a pawn shop or something?
I host a podcast about movies.