Getting a troubling, middle of the night call from a child, sibling, or other loved one who has been arrested for a crime happens all too often. Invariably, the caller needs help with posting bail so that they will not have to remain in custody until their court date.
When the recipient of the call does not have the available funds to cover the bail amount, the idea of using their home or property to guarantee the bail bond may arise.
An incarcerated relative will always want and/or expect you to spring for bail when a court bail bond is set. However, while this person is incarcerated, you will need to gather some valuable bits of information. The bond agent cannot complete his/her job or contractual agreement with you if you do not provide the following pieces of information.
Where is your incarcerated relative? That is exactly what the bond agent will ask you first.
This year is really just getting started, which means that you still have plenty of time to implement bookkeeping strategies that will help you keep everything for your business in order.
Keep Separate Records for Payments & Loans
There are multiple ways that your business can get the income that you need to run your business. Some of that money may come from business loans or investments from other individuals.
If you get a collect call from a correctional institute or county jail, you should probably take it to find out if someone important to you has been arrested. Once you know who it is, you may need to make arrangements to get them out of jail. Generally, this means you are either going to have to come up with the money to pay their bail or go to a bail bond company.