Types of Bail Bond Collateral
There is a common misconception that an individual who is jailed needs a considerable amount of cash to get out of jail. The truth is that most people don’t have enough money to cover the full cost of bail. But collateral can also be used to bail someone out of jail. Let’s take a quick look at bail bonds and some of the most common types of bail bond collateral.
A Brief Explanation of Bail Bonds
Bail bonds serve as an insurance policy of sorts for the bail bond business. The bail bond guarantees that the individual receiving it will show up to court on the scheduled date and time. If the individual charged with a crime returns to court as scheduled, the case will close and the bail bond will be returned. However, if the charged party does not appear, the bail bond business will be contacted by the court, and the individual in question will be returned to custody.
An Automobile
Automobiles are one of the best collateral options. Whether you own a sedan, truck, sport utility vehicle, or other vehicle, it can be used as a form of bail bond collateral. Even a boat or an RV will serve as a viable form of collateral. An automobile can be pledged as collateral as it is worth a considerable amount of money. However, a vehicle with hundreds of thousands of miles that needs major repairs probably won’t be accepted as a type of collateral. Furthermore, if your vehicle is your only means of transportation, it might be better to use another type of bail bond collateral.
A House or Condo
If you own a house or condo, it can be used as a form of bail bond collateral. The property title of the house is used as collateral to secure the bail bond. It must be noted the home cannot be under a mortgage in order to qualify as a form of collateral.
Valuable Items
Antiques, expensive jewelry, and additional collectibles can also be used as collateral. In fact, valuable electronics, equipment of high value, and even valuable art all suffice as collateral.
Bank Account
The money in your bank account can be used as collateral. However, these funds will remain frozen, meaning they cannot be withdrawn until the court date arrives.
What About Securities?
Securities in the form of stock shares, bonds with ample face value, and mutual fund shares can be used as collateral. However, the value of securities is dynamic, meaning it changes as time progresses. Therefore, bail bond agents might require the securities’ value to be greater than the bond by a significant amount. They might also require that the bond agreement’s language states that additional value will be required should the actual value of these securities decrease below a certain level.
Such a covenant should not be a dealbreaker. Your freedom to return to life as usual is more important than anything else. Once you are freed from jail, you will have the opportunity to work, make money, provide for your family, and set your sights on a better future.
Land
Land is a suitable collateral option for securing bail. The land’s title deed along with its pink slip must be provided to the bail bond agency or court. These groups will hold onto the documents until you appear for your scheduled court date.
Credit Cards and More
Bail bondsmen might also be willing to accept other forms of collateral. Examples of such collateral include credit cards and other valuables. If you are curious as to whether the valuable item you own qualifies as a form of collateral for a bail bond, you have nothing to lose by asking our team. Even if the item in question will not suffice in and of itself, you might be able to use several items of value to get out of jail.
Just Bail Bonds Is a Call Away
Our Arlington bail bond service will get you out of jail so that you can return to work and your family. If you are accused of a crime and jailed, reach out to our bail bond specialists right away for timely assistance. You can reach Just Bail Bonds by phone at (817) 303-3400 if you are in Tarrant County. Those in Dallas County can contact us at (214) 495-1363.