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What can be used as collateral for bail bonds
1. What Can Be Used as Collateral For Bail Bonds?
Winding up in a jail cell after making a stupid mistake may be one of the most
miserable experiences of your life. In this moment, you have lost your freedom, and
have been robbed of the ability to go home and see your family and friends.
Some people choose this, though, when they hear the amount of their bail – these
individuals automatically assume that the bail system is cash only. But if you find
yourself locked up for a day, don’t give up hope – there are certain items you can
offer as collateral for a bail bond that will have you walking the streets in no time.
Getting a Bail Bond
When you call a reputable bail bond agent to secure a bond for your release, they
will help you seek freedom, but under certain conditions. 10 percent of the original
bail amount is generally taken as a non-refundable fee, with the rest of the money
being posted to the court by the agent as a surety bond. But the agent will ask for
collateral from you or a co-signer, though, in order to ensure they have the ability to
collect if you decide to not show up to your hearing. And if you don’t have enough
cash on hand, there are certain things that will work well in its place:
An unencumbered property – this acts as one of the best pieces of collateral.
In this case, you are forced to give over a land or property lien to your bail
agent. Depending on whether or not you show up to your hearing, the agent
will either return it to you, or liquidate it to recover any damages due to your
absence.
A car, boat, motor home, or other vehicle – these are also commonly used as
collateral, yet they must be automatically surrendered to the bail agent upon
use. The agent will then hold these items in a safe place until the
commencement of your hearing.
Personal items – do you have any jewelry lying around? How about stereos,
TVs, or other electronic equipment? These can all be used as collateral for a
2. bail bond, as long as their current value is accepted by the agency. Individual
agents will accept different items, and it is important to check with your
bondsman before assuming what you have will be useful as collateral.
Items That Won’t Work
While the previous objects all work well, there are still some similar items that will
usually be refused:
A house on which you are paying mortgage – this is rarely accepted, and
when it is it still takes a bit of time to process and transfer.
A car that is not paid off – if you don’t yet possess the title of the car, it can’t
be accepted as collateral.
Any item owned on credit – most agents don’t want to deal with collateral
that isn’t truly owned by the incarcerated. Make sure you own your collateral
before you offer it up in exchange.
Get Out of Jail Today
Don’t spend any more time in jail than you have to – as long as you possess some
type of collateral, you can speak to a bail bond agent today to get out of your cell and
back on the road to see your family.