Everything You Need to Know About Collateral and Bail Bonds
Getting arrested is often stressful. You won't be able to go on with your daily life, and your family members may be affected emotionally or even financially. However, getting out of jail on bond is a solution for these severe consequences.
However, when you think about getting out of jail on bond, you're probably worried about the cost. Raising your bond amount is often challenging, considering you are in jail, and even your friends or family members may have a hard time raising the amount of bond.
This is where a bail bond agent comes into play. A bail bond agent accepts different types of payments. In other words, cash, debit cards, and credit cards are not the only forms of payment accepted by the bail bond agent. Often times, collateral bonds are also acceptable.
What is Bail Collateral?
Simply put, bail collateral is anything of value--maybe a house, jewelry, or assets--that you offer in place of or in addition to bail money in order to secure your release after you've been arrested.
It is often returned when the case is concluded in the event the person is acquitted or sentenced. However, the court may seize the collateral bail if you breach the terms of the bail. For instance, if you fail to appear in court for the hearing, the court or the bail bond company will seize or collect the collateral.
Types of Collaterals
Understanding the conventional types of acceptable bail bond collateral is imperative in helping you get out of jail quickly. The following are the common forms of collateral accepted :
● Real estate
● Irrevocable letter of credit
● Brokerage account (non-retirement)
● Credit card
That said, the most common form of collateral for bail bond transactions tends to be real estate. In addition, precious metals such as gold and silver coins may be taken as bail bond collateral. However, this depends on the bail bond agent you use.
How do you post bail bond collateral?
The process of posting bail bond collateral is a task completed by the bail bond agent. Although relatively easy, bail bond agents will consider you eligible to use non-cash collateral after you've met the specific requirements for that collateral.
For example, if you want to use real estate as collateral, you must produce the deed. In essence, the deed provides sufficient evidence that you are the legal owner of that property. In addition, you must also show that the property doesn't have tax liens. This is done to avoid any legal hurdles in the future.
That said, after meeting all the requirements set out by the bail bond agent, then your collateral can be used for the bond.
Can you use someone else's property as a collateral bail bond?
If you don't have property to use as collateral, then you can ask someone else to put up their property on your behalf. However, if a person agrees to undertake such a role, they will be considered consigners.
To conclude the process, they will have to prove ownership through a deed and that the property is free and clear.
When will the collateral be returned?
As mentioned earlier, you will have to follow the terms of the bail bond until the case is concluded – for the collateral to be returned. In the event you breach the terms, your bond is revoked by the court. As a result, anything you use as collateral will be considered the property of the court.
Therefore, it is imperative to stick to the terms of the bail at all costs.
If you or your loved one has been arrested and needs a bail bond, you can use many forms of collateral to help you get out of jail. Call Bad Boyz for help if you or a loved one are arrested: (225) 229-7218 or visit our website today for any questions about how collateral works. We will gladly help.