What Can Be Used as Collateral for a Bail Bond?
When you or a loved one is posting bail to get out of jail, you'll need to have some form of collateral to convince the bail bonds company that you will hold true to your commitment to turn up on your assigned court date. If you miss your court date, you will be held responsible for repaying the bond amount that was granted to you. If you are unable to pay, your collateral will be used to make up the difference. What can you use as collateral? Read on to find out.
Common Types of Collateral
Cash is the most commonly used form of collateral. You'll be required to pay a deposit to secure the bail bond. The remaining balance must be repaid if you do not resolve your case in court as directed. You can also use any property you own, like your primary home, vacation home or rental properties. However, this can be a bit risky, as you could lose your home if you are unable to pay your bond. In some cases, you may be able to use other valuable items, including jewelry, cars and recreational vehicles. Of course, you must own whatever you choose to use as your collateral; it cannot be rented or financed, as the bank owns the property in those scenarios.
How the Process Works
If you are arrested, you have the option of obtaining a bail bond to secure your release until you are scheduled to appear in court. When you get the bail bond, you'll be required to turn over your collateral to the bail bonds company. For example, if you are using your home as collateral, you would need to turn over the deed to the house. Similarly, you would need to give the pink slip for your vehicle if that was your collateral. For items like jewelry and other valuables, you would need to hand over the item itself.
Getting Your Collateral Back
Once your case has been resolved in court and you have completed any necessary restitution, you'll be able to get your collateral returned to you. You'll need a disposition signed by the judge in your case to verify that it has been closed. Typically, it takes about 15 to 20 business days to process everything. After this time has passed, you'll get your documentation or belongings back. If you don't resolve your case or miss your court date, your collateral will be sold to pay your bond. Any remaining funds after the bond has been paid will be returned to you.
Need a Bail Bond?
At Free at Last Bail Bonds, we are fully committed to reuniting families. If you or a loved one needs our services, we are here for you 24 hours a day at 404-577-2245. Contact us today to learn more.