5 Unexpected Ways a Criminal Charge will Impact Your Wallet

5 Unexpected Ways a Criminal Charge will Impact Your Wallet
  • Opening Intro -

    Whether the accusations are true or not, being charged with a crime and being left with a criminal record is life-changing.

    In addition to the looks that you'll get from strangers and the judgment from those who believe that you are guilty, the mental anguish you will face is unfathomable.

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Discover how criminal charges can completely change the trajectory of your life and learn five ways that a criminal charge will also impact your wallet.

Criminal charges are serious accusations made by the state that suggest that someone committed a crime. The accused person gets arrested, served with a complaint and many other court documents.

For the person charged, this time can be scary and filled with a lot of uncertainty. However, shelling out thousands of dollars for a defense attorney is a wake-up call and one of the first ways criminal charges will impact your wallet.

Some other ways that a criminal charge will impact your wallet are:

Higher priced insurance

Regardless of whether your charges are auto-related or not, your auto insurance will come with a higher price tag since all orders matter to your insurer. In addition, life insurance may be denied if you have a felony conviction on your record. That is because insurance companies see those with criminal records as a higher risk and aren’t willing to take that chance.

Insurance companies believe that people who commit crimes live shorter lives than those who do not. Therefore, to an insurance company, giving insurance to someone with a criminal record means they risk having to pay out before the entire life of the policy.

Rent or leasing

Trying to rent or lease a property with a criminal record may cost you a higher than standard security deposit. Rental property is another industry that sees convicts as risks.

Instead of taking the chance on a tenant skipping out on them, many landlords will ask for 2-3 months rent as a security deposit instead of the usual one month for non-criminal-record having tenants.

House arrest

You may feel blessed to be at home on house arrest instead of in prison. However, house arrest monitor anklets can cost up to $500 per month for their services.

The monitor is like wearing a GPS on your body that detects how close you are to your home. If you go outside that range without permission, you have violated the conditions of your monitor and may get returned to prison.

Although you may be able to leave for work, this additional cost will impact your wallet.

Job loss

While many believe that jobs cannot fire you because of a criminal accusation, their happy ending may be short-lived. Many companies have free will policies that allow them to let employees go for any reason. Therefore, if you find yourself in a situation, the best thing to do is be honest and let your job know.

In addition to losing a job, a criminal record will make it hard to find a new job. Although there are some strict state laws banning asking about criminal records, background checks that reveal that information can be questioned during the hiring process.

Restitution

Restitution is the term used when a criminal is ordered to repay money for something that you have damaged or stolen. It is court-ordered and usually one of the controls put in place after you’ve been convicted. Paying restitution happens after you’ve paid your prison time and is a factor in your release.

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Restitution is the term used when a criminal is ordered to repay money for something that you have damaged or stolen. It is court-ordered and usually one of the controls put in place after you’ve been convicted. Paying restitution happens after you’ve paid your prison time and is a factor in your release.

Restitution orders do not take into account any bills you have before your criminal charges. They want the victim of your crimes made whole. That means that if you were financially strapped before having a restitution order, you would be further strapped as the result of restitution. North Carolina criminal defense attorneys understand that restitution becomes a debt as serious as rent and may be the difference between you and prison, so they work to keep payments affordable for their clients.

Criminal charges can seriously put a hurting on your wallet and change the trajectory of your life. In addition to the cost of an attorney, five other ways that criminal charges will hurt your wallet are above so that you govern yourselves accordingly.

Image Credit: criminal charge by envato.com

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