When you opt to bail somebody out of jail, you are required to pay a small fee of 10 percent of the bond. On top of that, a company may ask that you give some property as collateral. If you opt to put up collateral, you may have questions about the process.
Before you make the choice to use collateral to bail somebody out of jail, you may have some questions. This guide will answer some questions that will lead you to the right decision.
What Is the Benefit of Using Collateral?
You may find yourself in a position where you want to bail somebody out of jail but you simply don’t have the cash on hand. If this is the case for you, you might consider putting up collateral. Collateral consists of property worth the value associated with the bail bond.
If you do not have the money to bail somebody out of jail, you might begin to feel anxious. You want to get your loved one out of jail as quickly as possible, and the thought of your loved one spending a night in jail is frightening. Collateral allows you to take action now rather than saving up cash.
Another benefit is that you can continue to live in your home or drive your car while you are using it as collateral. You must simply pass the deed over to the bail bond company.
What Can You Use as Collateral?
Collateral comes in many different forms of property. You might be surprised at the types of property you can use as collateral.
A home is a possible form of collateral. Thanks to the high value of homes, a home is a common form of collateral when the bail amount is incredibly high. In order to use a home, you must have equity in it. You can also use land without a home on it.
If you own your car without having a loan or lien on it, you can also use your vehicle as a form of collateral. You can discuss the value of your car with the bail bonds agent to ensure it will cover the costs of bail.
You can also use valuable jewelry as collateral, though you may need to use several pieces to ensure you can achieve the value of the bail. Gold and diamonds are two valuable choices. You may also be able to use weapons, like guns, or anything else you might be able to pawn.
Physical property is just one type of collateral though. You can also use a bank account as collateral if you can’t use cash. Surety bonds work too.
And remember: You can pair any of these types of collateral with cash if you need to reach the value of the bail bond.
When Will You Get Your Collateral Back?
You will receive your items back once the person you bailed out has attended all their required court dates or when the judge has made a final determination. The bail agents will return everything except the bail fee to you.
So What Should You Do?
Ultimately, the choice is yours as to what you should do regarding collateral. If you feel uncomfortable with the decision, you can always discuss the situation with a trusted bail bond agent in your area.
If you are going to bail somebody out of jail, the first thing you need is to find a bail bonds company you can trust. Affordable Bail Bonds offers bail bonds in close proximity to the jail, meaning you can easily reach the person you are bailing out. Call us today to learn more about our services.