What Are the Available Collateral Options for Bail Bonds?

For anyone, being arrested means a nerve-wracking experience. It would help if you have assistance and support as much as possible to escape the situation. One of the best ways to expedite the release process from jail is by availing of a bail bond. It would help if you had collateral for bail bonds. It can be difficult for many people. In this post, we will learn various options you can use to get your bond. Let's understand the types of available collateral you can use for this process and their pros and cons.

Securities

Mutual funds, bonds, and stocks are security for bail bond collateral. The security value is calculated on the basis of the present market value. But sometimes, the court requires substantial security for pledging to fully meet the overall bail requirements.

The downside of this process is that if the defendant does not appear in court on a specific date or fails to meet other requirements, the securities can be seized and sold, paying for the bail bond. You can connect with professionals at Castle Bail Bonds for more details.

Cash

It is a straightforward collateral option for availing of a bail bond. You need to pay the total amount of the bill at the moment. It is returned to the individual who has footed the bill when the defendant shows up on all the summoned court dates. The fees of the bail bond company are deducted, and the remaining cash is returned. It is a quick process and gives you near once the peace of mind that you will get back the amount once done. But the loophole is that you must provide the entire bill amount in cash, which is only affordable for some.

Paycheck

You can use the paycheck as collateral for your bail bond. A part of the agreement will be that the company for whom you are working will deduct the specific amount from your monthly paycheck to pay the bond. The bond amount is returned when you appear on the court and meet the requirements. This option is feasible for many because it does not demand additional collateral. The percentage deduction in this process is relatively lower than the amount you take from bail bond companies. However, the downside is that if you are fired from the job, managing funds to pay off the bond can be challenging.

Personal guarantees

A personal guarantee comes from an agreement between the bail bond company and the defendant. It is a matter of trust and is not accepted by all companies. When no other collateral system works, this is the only option left. The return agreement is signed by the family member of the accused person stating that they are liable for paying the bond amount if the dependent does not show up in court on the hearing date. On the loop side, as a guarantor, you must ensure that the accused person shows up before the court on the summoned date because otherwise, you will be held liable.

Vehicles

The vehicle can be another type of collateral tool that you can use to get your bail bond. You must be the car owner you want to use as collateral and should not have any liens against the same. The value of the vehicle will be accessed. You will need to sign over the title until the bond is discharged. If you fail to appear before the court on the hearing date, your vehicle will be sold to recover the outstanding premium and fees.

Summing it up:

Contact reliable experts for much-required knowledge about bail bond collateral options. You can select the best collateral option when you need to bail someone out.