When a person is arrested a judge will rule on how much money will be needed for them to remain out of jail while waiting for a final court date. This is known as bail and a judge will base their decision on the severity of the offense or crime committed by the defendant.
The defendant’s choices would be to pay the full amount in cash, post a bail bond through a licensed bail bond company or pay nothing and remain in jail. It is very unlikely that a defendant will have the sufficient amount of cash to pay their bail so the most common way to pay a bail would be to use a bail bond company.
A bail bond company will assess if a defendant is eligible for a loan by reviewing the defendants charge, personal circumstances and financial situation. A bail bond agent must consider the risks of posting bail for the defendant and will require guarantee or collateral of payment.
What Is Bail Bond Collateral?
Bail bond collateral is anything of value that can be kept as security and assurance that the defendant will appear for their court hearing. If they fail to do so, the bail bond company will have to pay the full amount of bail to the court.
There are many forms of bail bond collateral and it is important to review each to determine which is best for you.
- Real Estate
While this is known as the most common form of collateral used by a bail bond company, it should be noted that if you are willing to use your property as form of payment, it must be in good condition, have value and cannot be under a mortgage. Your legal title of the property will then be under the lien of the bail bond company and will remain under that lien until your bail is released (once you have appeared at court).
Cars, boats, aircraft, RV’s and trucks are common examples of automobiles used for collateral. The bail bond company will hold the title until you have met the conditions of bail and shown up to court.
Most often, defendants wish to use items such as jewelry, antiques and electronics as a form of collateral. But it should be known that most bail bond companies will not accept this as a form of collateral unless the items have a certificate for authenticity or proof of appraisal to confirm the value. Only then will your valuables be accepted as a form of collateral.
- Credit or Investments
A lesser used option would be to use a credit card or by using the defendants investments in stocks or bonds. In order to use this option, the credit limit or value of the investment must be more than the amount of bail.
We at Mercy Bail Bonds understand that this is a trying time in your life and we’re here to assist you the best way we know how – providing excellent service and information when you need it. If you need assistance, please feel free to contact our office at (727)856-7775. We will take the time to walk you through every step of this process and answer any questions you might have.