When you are shopping for a bail bond service, you might notice that many bail bond agents accept collateral. This is something of value that will be used to make sure that the bail bondsman will be reimbursed and increases the odds that your claim will be accepted. It's important to discuss with the bail bondsman what will be accepted for collateral.
When Collateral Isn't Required
Some bail bond services will take care of your bail even if you don't provide collateral. They will instead base the decision to offer bail on your credit score. Therefore, you might be able to bail your loved one out of jail much more quickly.
One of the most common forms of collateral used to bail an individual out of jail is real estate. This is unsurprising since real estate is often the most expensive property that most people own. When using real estate as collateral, you will provide the bail bondsman with the deed to your house.
If you simply have a large amount of money in the bank, you have the option of using that as collateral. This can easily be used as collateral by wiring the funds to the bail bond service. Another option is a cashier's check.
A Brokerage Account
If you maintain a brokerage account, you may be able to use this as a way to have collateral when you are posing bail. Then, your assets can be liquidated if it becomes necessary to do so to be able to compensate the bail bond agent. If you do not want to put your assets in jeopardy, you can ask the bank to use your investments as collateral for a letter of credit.
Several Other Options
While there are many common forms of collateral used to post bail, no list can be completely exhaustive. If you have valuable assets, discuss them with your bail bond agent and they will inform you about whether the collateral you wish to use is acceptable.
You might be concerned about losing your collateral, but you don't have to worry about this as the defendant shows up in court. Then, you'll be able to receive your property back. Until then, your property will be sent over to the bail bondsman and will not belong to you. Therefore, it's important to make surer that you remain in contact with the defendant and that you make sure that they show up to all of their scheduled hearings.
For more information, contact a bail bondsman near you.
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