What can you do when you or a loved one has been arrested unexpectedly and bail is set at an amount that you can’t pay with cash? How will you get released from jail so you can return to your family, job, and everyday life? Unfortunately, many Californians and others around the country find themselves faced with this dilemma every day. Luckily, there are quality bail bond companies out there to assist you in your greatest time of need.
At Future Bail Bonds in Bloomington, our compassionate bail bond services reunite friends, families, and loved ones.. When you’re unsure where to turn, contact our team of licensed, bonded, and professional bond agents. We’ll gladly review your situation to determine how we can best help and whether or not collateral will be necessary. Contact us today! We’d love to speak with you and answer any question you have. In the following article, we’ve addressed some frequently asked questions related to collateral. Read on to learn more!
What is Collateral?
Generally speaking, collateral is anything of value that can be held as a security for repayment of a debt or loan. In terms of bail bonds, property may be presented as collateral to assist in getting bail money so that an accused can be bailed out of jail. The options are endless for the types of items that can be considered for collateral, and anything that is valuable enough to cover the bail may be a possibility.
What Can be Used as Collateral?
In a previous article, we reviewed common sources of collateral in depth. Because it is essentially a type of loan or credit to ensure the defendant appears at all of his or her court dates, people should be very careful about what they put up for collateral. The most common forms of collateral include:
- Money. This is the most common form of collateral because it is a very liquid asset that’s usually very easy to access. Money can take the form of cash, balances of savings accounts, stocks, bonds, etc. Even gold or silver bars can be used as collateral for a bail bond.
- Jewelry. As another item that is easily accessible and fast to get appraised, jewelry is another frequent form of collateral used for securing the necessary funds to bail an accused out of jail.
- Real estate. Although it is not a particularly liquid asset, real estate can be used as collateral. If a home, plot of land, or other form of property is placed as collateral, the bondsman and/or courts may require you to give them the title or deed for holding until the case is concluded.
- Cars. Because they can be sold or traded for significant value sometimes, collectible or other high-value cars may be placed as collateral. Like real estate, the courts and/or bail agent may require you to transfer possession of the car to them until the case wraps up.
Do I Get My Collateral Back?
This is a question that many people ask. Whenever we speak with a customer about possible sources of collateral, we always urge our clients to consider the potential ramifications of placing a high-value item as collateral.
There is a risk that the money, jewelry, property, or other item may not be returned in the event that the defendant skips bail by failing to appear in court. For example, if you place your home up as collateral for your child and he or she doesn’t show for the appointed court date, the courts can seize your home, foreclose on, and sell it to ensure the bail bond is satisfied. Because of this potential, it is very important to consider possible collateral sources very carefully.
How Long Does it Take to Get Back?
In the event that the accused attends all court dates and doesn’t otherwise default on his or her bail conditions, collateral will be returned to its owner at the conclusion of the case. It is important to note that the outcome of the case doesn’t have any bearing on whether or not the collateral is returned, nor does it impact how long it takes to return it to the owner.
If the bail premium has been paid in full, it may only take a matter of a couple days for the collateral to be returned. If there is still money owed on the bail premium, the bondsman may use some of the collateral to satisfy the balance, or hold the collateral until the premium is satisfied in full. If you’re considering offering up something as collateral during the bail bonds process, be sure to ask your bondsman to explain the process of returning your property to you, including the timeline of getting it back.
At Future Bail Bonds, we understand that you might not have the necessary funds to fully pay the bail that’s been set for yourself or loved one to get out of jail. If you’re considering providing something as collateral, we’re happy to speak with you about this and answer any questions that you might have. We’re also happy to arrange flexible, customized payment plans on any premium that’s owed. We’re here for you and your family, and your satisfaction is our number one goal.
Call us today at 909-990-5700 to speak with a compassionate member of our team about our services. We look forward to helping you.