Types of Bail Bond Collateral
Most people know that paying bail gets you out of jail so that you can return to work and life as usual until the ensuing court hearing. However, most people are unaware of the fact that there are different types of collateral for bail bonds. This means if you don’t have the cash necessary to make bail, you can use one of several forms of collateral as a substitute to obtain your freedom. Let’s take a look at the most common types of non-cash collateral used for bail bonds.
If you have enough room on your credit card to cover the cost of bail, the money can be held in escrow through the bail bond agency. Such collateral is typically used for bail amounts that are comparably small as it is generally easier to pay cash for bail that isn’t egregiously expensive.
Your property can be used as collateral for a bail bond. This means your house or your land qualify as collateral. However, a deed of trust will have to be filed with the county courthouse, stating that the bail bond company has authority over the property. The arrestee’s attorney will also need to file the deed. A lien will be placed on the property until the bail is terminated. However, it must be noted that real estate cannot function as bail bond collateral if the arrestee is not the primary owner of that property. Furthermore, property that must be demolished or property that is damaged does not qualify as collateral for a bail bond.
Stocks and Bonds
In some cases, using stocks, bonds, or additional investments for bail bond collateral will suffice. However, this approach requires that the legal ownership of the investment is provided to the bail bond provider. The investments are then returned to the arrestee after the bail bond is terminated.
Automobiles can serve as collateral to secure the bail bond. However, determining the actual value of an automobile is challenging, so the trade-in value is commonly used to gauge its worth. If necessary, the vehicle’s title might have to be placed in a trust until the court’s obligations are met.
Handguns, long guns, and other types of guns are sometimes used as collateral to secure a bail bond. However, the value of such weapons must be determined beforehand and prove sufficient to cover the amount of the bond as well as the expenses incurred by the bondsman.
Valuables of all sorts can be used as bail bond collateral. Everything from antiques to jewelry, collectibles, and other valuable items may be sufficient forms of collateral. You will need to provide professional valuations of each of the items, in order to show that they are worth enough to cover bail bond costs.
Just Bail Bonds Is on Your Side
Cash is always accepted when you need a bail bond, but when cash is short, consider these alternatives. You likely have assets worth more than a bail bond costs, even if you are just starting out in life. If you don’t know what will and won’t work, reach out to Just Bail Bonds with your questions.
If you, a loved one, or friend needs to make bail to regain freedom, call us today. You can find Just Bail Bonds online or by phone at (817) 303-3400. We’re here to help you today.