Because Jail SUCKS!
Collateral Options for When You Need a Bail Bondsman
When you have a friend or family member who is in jail, you will want the situation to be over as soon as possible. To make the process go smoothly, you will want to be prepared to provide collateral that can be used to secure the loan that you will use to post bail. This post lists the items that you can use as collateral.
Vehicles
Most often, the most available and convenient possession that you can use to post bail is a valuable vehicle. This could include a:
- Car
- Truck
- Boat
- ATV
- Motorcycle
You will then use the vehicle to pay for the bond if your loved one jumps bail.
Real Estate
- A piece of land
- Natural resources
- Equity from a mortgage if you have built up significant equity
If you will be offering up equity from a mortgage you hold, then you will want to speak with your lender. A property bond is another alternative. Often, the bail bonds company will have you place the deed to your piece of real estate in their name or trust.
It’s important to note that if the accused does not show up in court, then the property may be foreclosed on.
Pawnable Items
Any item you can pawn you may also use as collateral. Common items include laptops, desktop computers, firearms, and televisions. If the item has a lot of value and if the item is in good condition, it may be used for collateral. You may choose to simply pawn these items and use the cash as collateral for the bond.
However, if the item is an acceptable form of collateral, choosing the pawn the item instead will cost you more money in pawn shop fees.
Gold and Jewelry
When you own gold or jewelry that has considerable value, you may use the jewelry as collateral. Jewelry often contains a precious metal or stone. The design of the jewelry can also increase its value. After assessing the current market value of the jewelry, you may use the jewelry or pawn it and use the cash as collateral.
Savings and Investments
Your savings account may be used as collateral. In addition, any investments may be put up as collateral and sold. The types of investments you may use include:
- Stocks
- Bonds
- Certificates of deposit
The investment must be valuable to be used as collateral.
Cash
Cash is one of the simplest assets that can be put up as collateral. However, cash is often not used as collateral because typically the accused will want to use cash for other purposes, such as legal services. In addition, by having cash, you may simply choose to post bail.
Getting Your Collateral Back
In most cases, the defendant shows up to court and you will not forfeit your collateral. In fact, in these cases, the collateral will be partially or fully refunded to you.
However, if the defendant does fail to show up to court, he or she will have an opportunity to make the situation right by immediately turning himself or herself in. Regardless, you should keep in contact with the bail bondsman to receive advice on what to do next. Typically, you will have 90 days to bring the fugitive back.
When the case has been completed, you will have your collateral returned to you. In the case of a real estate collateral or a vehicle, you may have the deed or title returned. Regardless of the outcome of the case, you will receive everything back, minus the premium you paid.
If you are ready to begin the process, all you need is a 24/7 bail service company like HOWL - N - OUT Bail Bonds. We understand that jail sucks and we'll have your friend or family member released as soon as possible. Give us a call today for help bailing out your loved one.
