Having a loved one in jail can be a very stressful and emotional experience. It can be even more trying as you attempt to understand the bail process, including figuring out how to secure the funds necessary to pay the premium and meet the bail requirements set by the court. At Future Bail Bonds, we understand just how challenging this situation can be. We provide professional and compassionate bail bondsman services to the people of San Bernardino county, and we’ll gladly answer any questions you have about the bail process. In today’s article, we’ll take a closer look at what items can be considered as a source of collateral for a bail premium.
Money is by far the most popular item used as collateral in securing bail bonds, especially when the bail amount is small. One advantage of using money as a source of collateral is that it is usually fairly easy to access. On the flip side, if bail is set fairly high, it can frequently be a challenge for family members and loved ones to come up with the 10 to 15 percent necessary to secure a bond. Aside from cash, people can also offer up the balance of their savings account or other investments such as stocks and bonds in order to pay the necessary premium. Money can also come in other forms, such as gold or silver bars and coins or collectible Krugerrand.
Many people choose to use jewelry as a form of collateral when working with a bondsman. Everything from diamond tennis bracelets to ruby earrings and gold chains can be considered under this category of collateral. When it is considered as a source of collateral, your bail agent will likely request some kind of appraisal on the piece of jewelry to have documentation of its value. It’s worth noting the caution necessary when you use jewelry as collateral for a loved one’s release. If he or she defaults or fails to appear in court at the designated time, you may lose that valuable item. That being said, it might not be wise to offer items that hold great sentimental value.
Property is a very broad term that can encompass anything from houses and real estate to mineral rights and crops. Many people mistakenly think that this is not an option for them unless they own their home or property outright. You might be surprised to know that you don’t have to have full ownership of your property in order to use it as collateral for securing a bail bond. If you have enough equity in the home or property and there are no liens against it, your property can be a great source of funding for bail premium. As with other items, an appraisal will likely be requested by the bail bond agency to confirm the market value of the property and the absence of debtors and lien holders.
As you might have started to gather, essentially anything that has any significant source of monetary value can be used as collateral and vehicles are no exception. Do you have an old sports car that’s been collecting dust in the garage, or motorcycle that you can no longer ride? If so, speak with your bail bondsman to learn how these items can be used as collateral to pay bail premium and get your loved one out of jail as soon as possible. As we cautioned with jewelry, we recommend only putting up items for collateral with the understanding that they can be forfeited in the event your loved one skips his or her court appearance.
If you don’t have money, jewelry, property, or vehicles to offer up as collateral for a bond, there are still other viable options for getting the money you need in order to pay the bail premium for the arrested party. Items that are easily pawned, such as musical instruments, televisions, gaming consoles, and other electronics, are great resources to get the money you need for bail premium. For some, this may be a more attractive option because some pawnable property may not hold as much sentimental value as the other items we’ve reviewed. Additionally, many smaller items can be pawned and the resulting money pooled together to create the collateral you need.
The items mentioned in this article are usually the most common sources of collateral for securing a bail bond, but they are by no means the only options. If you have questions about what kind of items might be considered as collateral, get in touch with a reputable bail bondsman company like Future Bail Bonds. We understand the process of coming up with the money to pay premium for bail can be difficult. Our goal is to help you by answering all of your questions and providing compassionate bail bonds services so that you can be reunited with your loved one as quickly and easily as possible.
Contact us today at 909-990-5700 or fill out the form below. We look forward to being able to assist you in your time of need!