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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
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Experience:  Better Business Bur 15yrs bankruptcy experience. Chicago Bar
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I am securing a surety bond for an individual on a criminal

Customer Question

I am securing a surety bond for an individual on a criminal matter. If that person runs and I am on the hook for the money with the county is that dischargeable through a personal bankruptcy? I live in Texas
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 5 years ago.
Most likely will be discharged.

The objections to discharge fall under this code section:
http://doney.net/bkcode/11usc0523.htm

The main objections that could apply for you are fraud (false information on a credit application see (a)2(A) or (B)).
Therefore, many surety bond issuers receive collateral and secure the obligation, which, in the event of default or bankruptcy, they can recover some funds.
Customer: replied 5 years ago.
I did not put up any collateral. It is insured personally. Does this change the possibility of any legal repercussions? Also is the default with the surety company or the court or both?
Expert:  Terry L. replied 5 years ago.
So, in effect, you are a cosigner on the loan for the surety, meaning, the bail bondsman can come after you in the event of a default by the other party. You are contractually liable for the payments, regardless of whether the other person files for bankruptcy.
Customer: replied 5 years ago.
Terry to be clear, the scenario is if I declare bankruptcy....not the party who runs. I am a co-signer indeed. But If he runs I am on the hook for an unsecured surety bond....so the question is am I protected by the court through a bankruptcy proceeding.
Expert:  Terry L. replied 5 years ago.
it should be discharged for you, but if you were the only security, then the bail could be revoked, depending on the terms of the contract.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2527
Experience: Better Business Bur 15yrs bankruptcy experience. Chicago Bar
Terry L. and other Bankruptcy Law Specialists are ready to help you
Customer: replied 5 years ago.
Thanks Terry. I will keep all this in mind.
Expert:  Terry L. replied 5 years ago.
Best of luck. Thanks for the positive feedback.

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