While a bail bond is meant as a way of paying only a portion of what can often be egregious bail amounts for a friend or loved one in jail, there are many who may struggle to come up with the adequate funds for a bond as well. In these cases, there will be two general options: Either get a cosigner for the bond, or provide collateral of some kind to secure the arrangement.
At Beehive Bail Bonds, we can help you with obtaining proper collateral for our bail bonds if this is the route you choose. What are some of the common items people use as collateral in this area? As long as you’re confident that court dates will be met and the amounts will be refunded, here are some of the items you might consider for collateral.
One of the more common forms of collateral for a bail bond is any vehicle that’s owned by the person receiving the bond. This could mean a car, truck, SUV or even a motor home, motorcycle, trailer, boat or any of a number of other vehicle types.
It’s important to note here that once you use this kind of collateral, your vehicle can be forfeited if court dates and other proceedings are not attended properly. If there’s any doubt whatsoever about this happening, you should consider this carefully.
Real estate in this case can refer to a house, other building type, or even a piece of land and the natural resources that are found on it. If this kind of property is in your ownership, it can be used as bond collateral.
In addition, if you’ve built up significant equity in a piece of property but don’t yet outright own it, this can often still be used. This is often the case with mortgages, where you build equity over a period of years.
The contents of a savings account can be used as collateral in most cases. You can also usually use other valuable investments, such as stocks, bonds or certificates of deposit.
If you have jewelry with diamonds or other precious gems in them, these can be appraised and used as collateral based on their value. Similar processes can be used if you have holdings of gold, silver or other kinds of precious metal that hold value.
And finally, you can always take various items in your possession to pawn shops, whether we’re talking electronics or other items. The condition of these items will play a big role in the bond collateral you can receive for them in exchange.
For more on bail bond collateral, or to learn about any of our 24-hour bail bond services, speak to the staff at Beehive Bail Bonds today.