Of course there is a chance. However, it is very very small. First you need to consult with local attorneys to determine the local process for bond reduction hearings and the likelihood that the bond would be lowered. Secondly, you need to hire the best criminal defense attorney that you can afford to attempt it. With all of that said, you need to keep in mind that this is a victim's rights case and a certain amount of weight will be given to the victim's opinion on your release. I think it is unlikely.
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I am surprised the bond is as low as it is. First degree sexual offense on a minor is a B1 felony and can carry up to life in prison (if the child was less than 12). The only other charges that carry this amount of punishment are violent habitual offenders and murder. If he gets convicted of the B1, with his prior record, he is looking at more than 20 years in prison. Forget about the bond and spend the money on hiring the best criminal attorney he can afford.
To answer your question, a bond reduction is always a possibility. However, so is an INCREASE. If you file a motion to modify the bond, the prosecutor can ask for an increase. With your friends prior record, and as a former prosecutor, I would almost guarantee the bond will increase if the prosecutor makes the request.
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Its always possible, but not probable unlesd you can get the State to agree ahead of time. The Defendant's ties to the community and likelihood appear will be considered. But like the other attorneys have said, getting out is important to the Defendant at this point, but hiring an attorney has to be paramount. If the resources are limited, like they often are, hiring an attorney will be a much better use of the funds. That said, you could put up property. The clerk's office has a process for that.