A Guide To Bail Collateral Types
If you need a bail bonds company to loan you money in order to post bail, then you will likely be asked to provide some form of collateral. There are several different options available depending on what kind of assets you have. Here are some typical options to look for.
Your house is a typical bail collateral item. What happens is the court places a lien on the home and if you don't appear in court, the house may go into repossession. If you are putting your house up as bail, it's important to know exactly what you need to do to stay in good standing with the bail company. For instance, will they begin to take action on claiming the home if you miss a bail payment, or will they wait until more serious infractions have occurred?
Your car can be a effective bail collateral item for smaller bail amounts. The bail company will likely need access to your title to make sure the car is in your possession. If you fail to make the bail payments, the car may be repossessed.
Sometimes your bail bondsman will accept a combination of smaller assets in order to make a bail contract. These could include things like electronics, jewelry, or firearms. Musical instruments and other items that are typically found at a pawn shop may also be of interest to your bail bonds company. It's important to note that you may have to put forth a number of assets that are more valuable than the total of your bail; this would account for the costs of selling the items and administration.
If you don't have much in the way of assets, another way you can go is called a surety bond. With this kind of bond, you have a friend or family member put a down payment on your bail amount. If you are unable to pay the full amount owed or you shirk your court responsibilities, then it will fall to the friend to pay off the full amount of the bail plus penalties. This is definitely an option to look into if you don't have much else to your name and/or have been turned away from other bail opportunities because you're deemed a risk.
As you can see, there are a few different options that you can put together to come up with bail collateral. Work with your bail bondsman, like one at Ron's Bonds Co., to find a plan that works for you.