In Minnesota, you can file for bankruptcy based on a bond. I’ve represented people who successfully filed bankruptcy on a bond and the problem was gone.
What Is a Bail Bond and Who Owns It?
A bail bond works like a loan. After being arrested for a crime, the prosecutor can release the defendant from jail if they pay a significant amount of money to the Criminal Court. This payment is called bail. If the defendant appears in court on their scheduled date, the Criminal Court will return the bail money. However, if the defendant fails to show up in court, the Criminal Court will keep the bail money.
Are There Times Bankruptcy Will Not Work With a Bail Bond?
The bail bond system doesn’t work well when collateral is required. Bail bond companies typically only offer a bond when collateral, such as a lien on a property or a car note during bankruptcy, can be used to secure the loan in case the defendant does not appear in court. The majority of bail bonds in Minnesota do not require collateral, making them a more accessible option for defendants seeking release from custody.
This article was written by Alla Tenina. Alla is a top personal injury lawyer in Orange County CA and the founder of Tenina Law. She has experience in bankruptcies, real estate planning, and complex tax matters. The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only. Information on this website may not constitute the most up-to-date legal or other information. This website contains links to other third-party websites. Such links are only for the convenience of the reader, user, or browser; the ABA and its members do not recommend or endorse the contents of the third-party sites.