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What's The Best Collateral To Use To Secure A Bail Bond?

Most times, people can get bail bonds using only their signature. Occasionally, though, bonds agents will require customers use collateral to secure the bonds, but not all collateral is up to the job. Here are two things to consider when deciding what you should use to guarantee a bail bond.

It's Something Easily Appraised

Bail bond companies require any type of collateral you submit to be equal to or over the amount of the bond. To secure a $5,000 bond, you would need to give the bonds agent something valued at $5,000 or more, for instance. The reason why is that they will sell the item to recoup their losses if the court forfeits the bond because of the defendant's actions.

Thus, you'll need to submit proof that the item you want to use as collateral is worth the bond amount, which usually requires an appraisal. If time is of the essence, then you should select something with a value that can be assessed quickly and easily.

For instance, you can take rings, necklaces, and other pieces of jewelry to a jeweler and get documentation detailing how much they're worth. The resale value of cars and other vehicles can usually be obtained by looking them up on Kelly Blue Book or similar sites.

Be aware that you may be charged a fee for appraisal services. If you want to use a piece of real estate, you can expect to pay anywhere from $300 to $450 or more, for example. So, be sure to account for that cost when selecting the best collateral to submit.

You Can Part with It

With the exception of real estate, any type of collateral you use must be handed over to the bail bond company for the duration of the defendant's case. As noted previously, the company will sell the property to get back any money it loses as a result of the defendant causing the bond to be forfeited by the court. Thus, the bonds agent will typically secure the property in a safe place to reduce the risk it may get lost or damaged in the interim.

So, you must be okay parting with the item you use to secure the bond. It's alright to give up jewelry you don't wear, but you may not want to use your car if it's your only form of transportation, for instance.

For more information about using collateral to secure a bail bond or assistance with getting someone out of jail, contact a local 24/7 bail bonds agent.