What is a Release Attachment Bond?
A Release Attachment Bond (also known as a Discharge Attachment Bond) is a type of surety bond used in court cases to counter an Attachment Bond.
An Attachment is the legal seizure of a property. Therefore, a Release Attachment is an order to discharge an Attachment.
A debtor is able to secure a Release Attachment Bond after a creditor has secured an Attachment Bond. Securing a Release Attachment Bond is a legal recourse for a debtor. In some cases, a Release Attachment Bond is the best defense a debtor has.
How Does a Release Attachment Bond Work?
- A creditor gets an Attachment Bond to legally seize property from a debtor.
- The debtor could then purchase a Release of Attachment Bond to receive his or her property back. The bond ensures that the debt would still be paid if the court rules in favor of the creditor.
How the bond works: The purpose of a Release Attachment Bond is to ensure the creditor is paid if the court rules in his/her favor.
If the debtor cannot pay the judgement, the creditor can make a claim against the Release Attachment Bond. Because of the nature of surety bonds, the surety company would satisfy the judgement for the debtor. Then, the surety company would seek repayment from the debtor.
You can learn more about how surety bonds work.
How Much Does a Release Attachment Bond cost?
The Release Attachment Bond amount will vary by state and possibly the amount of money owed to the creditor.
You do not need to pay the full bond amount to get bonded.
For example, if the Release Attachment Bond amount is set at $10,000, you do not need to pay $10,000.
The price you pay for the bond (called the bond premium) is calculated based on a percentage of the total bond amount.
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