Friday, June 2, 2017

How Does Getting Arrested Affect Your Finances?

If you are arrested, it can have a major impact on your finances. This is true whether or not you are found guilty of what you were charged with. Let's take a look at several ways in which an arrest may have an impact on your personal money situation.

You May Need to Pay for a Lawyer

In the event that you are being cited for anything more than a traffic violation, you should get an attorney to defend you. 

While an attorney can make a difference in determining whether you are found guilty on a given charge, he or she is going to charge money for his or her services. Unless you are truly destitute, you can expect to pay thousands of dollars in legal fees regardless of how your case turns out. 

You May Need to Make Bail

Depending on the crime that you committed and your personal criminal history, you may be allowed to pay a fee to leave jail. Some companies, like Absolute Bail Bonds, know how difficult such situations can be. 

Bail can be set at anywhere from $100 for minor charges to $50,000 or more on serious charges such as murder or arson. Even if you choose to get a bail bond, you may be required to put up 10 percent of your bail amount and secure the bond with collateral. 

Going to Jail Impacts Your Ability to Work

It will be highly unlikely that you are allowed to go to work while you are in custody. If you cannot make bail, you may be stuck in jail for days or weeks before you have a court date. 

This could cost hundreds or thousands of dollars in missed earnings, and it could be used against you when it comes time to ask for a raise or promotion. 

A Fine May Be Part of a Sentence

If you are convicted or agree to a plea deal in your case, you may be ordered to pay a fine. The amount of the fine could range from $100 to $1,000 or more depending on the terms of your conviction or plea deal, and the amount that you actually pay may increase if you have to be put on a payment plan.

Even if you are innocent, being arrested can have a significant impact on your finances. In addition to legal fees and court costs, you could be forced to spend thousands on bail or on a bail bond that you may not be reimbursed for at the end of your case.

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