09 Nov Definitions of Co-Signer’s
The role of a co-signer is to provide their legal obligation to be financially responsible for another person’s dues if that person fails to make good on those dues. Having a co-signer for a legal purpose allows more room and flexibility for the first person to make adjustments and meet more ideal goals. For example, co-signers are commonly used for paying loans, rent, and even bail bonds.
A bail bond gets one person out of jail. Someone has to pay for the bail bond, whether it is the defendant and/ or friends or family members. The bail bond will need a co-signer, which provides more security for the bail bond company. If the defendant misses a payment, their co-signer will face the financial consequences, unless they choose to remove their name from the bail bond before hand, which co-signers can do. This is a right of co-signers to protect themselves in case they feel the defendant is not good for their word.