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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2891
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I am securing a surety bond for an individual on a criminal

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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
Most likely will be discharged.

The objections to discharge fall under this code section:

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 8 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?
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 8 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 the question is am I protected by the court through a bankruptcy proceeding.
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. and other Bankruptcy Law Specialists are ready to help you
Customer: replied 8 years ago.
Thanks Terry. I will keep all this in mind.
Best of luck. Thanks for the positive feedback.