Collateral Options When Trying To Secure A Bail Bond
When you are stuck in jail and have a bail set that you can't afford, it's time to see what you can do about getting a bail bond. While you will end up paying roughly 5% of your total bail to secure a bail bond, this is worth it in a number of ways. You won't have to come up with your full bail amount, and you will be out on bail and able to continue working. When you have a job and you don't want to mess up your financial future any further, bail bond services can get you the release you need once you have enough collateral.
Vehicles Are a Common Type of Collateral
If you own a vehicle with a clear title, you can use the vehicle as collateral to secure a bail bond. The point of collateral is to have something of value that can be liquidated in the event you skip court and go missing. Anything that is easy to liquidate, such as a vehicle, is acceptable collateral to most bail bond agents.
When Collateral Is a House
Even if you owe a mortgage on your property, the difference between your mortgage loan and what the property is worth can be used as collateral. In addition, a friend or family member can put up their house as collateral to protect their liabilities if you don't show in court. If a friend or loved one puts up their house for collateral, you better make sure that you make it to your court date.
Credit Cards Can Be Considered
If your bail is low enough and a credit card could cover your debt, a bail bonds office may decide to accept your credit card as collateral. When you can't pay your bail using a credit card, it is worth trying to secure a bail bond with the credit you have.
Jewelry and Other Expensive Items
When you have an expensive piece of jewelry, electronics, or other items of value, it may be possible to use these items as collateral. You may need to come up with some cash and jewelry if this is the way you want to try and secure your release.
Collateral ensures that you are going to make it to your next court date. If you skip your date, you can end up back in jail with no bail options. Understand that you'll be out the fee you pay to a bail bond service, but the investment is generally worth your freedom.