What You Need To Know About Using Collateral To Pay For A Bail Bond

Posted on: 18 December 2019

When you are stuck behind bars and want to find a way out of jail soon, paying for a bail bond is usually the best option. The good news about using a bail bond is that you might be able to get out of jail without putting up a lot of cash, and actually, you can use assets instead of cash to initially get out of jail. If you use this strategy, it involves the use of collateral, and here are some important things to know about this.

The amount of collateral you will need

For starters, getting out of jail requires paying for the bail, and the bail amount is determined by the court in your area. If you do not have money for this, you can hire a bail bond company to help. The agent you hire will assist you in getting out by paying your bail amount on your behalf. All you must do is pay a small percentage of the bail bond to the agency, and this is money you will not get back.

In order to use collateral for this purpose, you must present enough items to cover the cost of the fee, and possibly even more. For example, if your bail is $10,000 and you use a bail bondsman, you would need to pay a fee of around $1,000. If you do not have this much cash, you could turn in assets, as collateral, that are worth at least $1,000.

The types of items you could consider using

Bail bond agents are willing to take just about any items you have as collateral, as long as they are worth money. A great item to use is jewelry, as this can be quickly turned to cash if needed. Electronics, musical instruments, car titles, and property are all great options too.

You will get it back only after paying fees and completing requirements

The most important thing to know in this process is that if you want to get your collateral back, you will still need to pay the fee the bail bond charges in the form of cash, and you must complete all the requirements. Following these guidelines will help you get your collateral back when you are done with your case.

Bail bond agents are willing to work with people who need to get out of jail. If you have some collateral and want to get out, call a local bail bond agent to find out more information.