There are several ways for a man to prevent himself from being poor. Earning money gets easy when you dig into many innovative and amusing ways of doing it. In the game of a police chase, some spectators are smart enough to find cash earning opportunities.
You can earn riches via bail bonds by either being a bail bondsman or becoming a bail enforcement agent.
Bail Enforcement Agent v/s Bail Bondsman
Before you decide the right direction for yourself, ensure that you understand the difference between being a Bail Enforcement Agent and being a Bail Bondsman.
â€¢ Bail Enforcement Agent: Also known as Bounty Hunters, Bail Enforcement Agents track escapees or criminals for whom a reward is offered by court.
â€¢ Bail Bondsman: A Bail Bondsman is any person or firm which will act as a surety and guarantee cash or assets as bail for the appearance of a criminal defendant in court of law.
How do they Work?
It is often the case that a person charged of committing a crime is not able to afford bail money that can cost, sometimes, millions of dollars. If the accused cannot meet the expense of his/her bail, he/she can ask for the help of a bail bondsman in putting up a bail bond. The amount serves like a loan where the bail bondsman gets 10% of the total payment. This fee is not refundable and signifies the bond agent's compensation for his or her services. The bondsman then secures a bail bond from an insurance corporation. The bond agent keeps an agreement with an insurance corporation, bank or a different credit provider to draw cash, even during hours when the bank is not in service.
Many times it happens that the criminal succeeds in escaping the town or ends up missing his trial dates. In such times, the bail bond needs to be paid by the bondsman. Since the bondsmen are made accountable for the bail bond amount, and the police sometimes fail to find the culprit, bondsmen as a rule hire a trained bounty hunter also called a bail enforcement agent to track down missing criminals. There is a possibility of hiring more than one bounty hunter for tracking down the criminal.
A bounty hunter or bail enforcement agent can receive 10 to 20% of the whole bail bond due, depending on how actively he performed his job. Experienced bounty hunters can work 80 to 150 cases in a year and can earn around $50,000 to $80,000 each year.
Bounty hunters can spend up to 400 hours in a month searching for the misplaced individual and the job may be time-consuming and rough. Since bounty hunting turns out to be more successful than police efforts, you can earn good money via bail bonds. The more criminals trapped by bond enforcement agents, the higher the quantity of cash he earns. The more cases taken in by a bondsman, the higher entitlement will be taken home. It really is a win-win situation for those who are interested in developing careers in this field.