Figuring Out Collateral When Trying To Secure A Bail Bond

12 February 2020
 Categories: Finance & Money, Blog

Bail bonds get you out of jail when you are incarcerated and awaiting trial for the charges against you. When you want to get out of jail but you don't have the cash you need to pay your bail, a bail bondsman can help. With enough collateral to secure a bail bond, you can be released from jail so that you can get back to your daily life. You can work while out on bail and keep your life as normal as possible while you consider how to fight the charges you are facing. A bail bond will cost you a small percent of your bail amount, and this is a fee you do not get back once your court appearance is over.

Paying Your Bond Fee

Your bail bondsman will charge roughly between 10 to 20% of your total bail amount as a bail bond fee to secure the bond on your behalf. This is your fee for doing business with a bondsman, and this is something that is paid upfront before your bond is written. You can't use collateral for your bail bond fee, as this amount is not returned. The rest of your bond gets covered by your collateral, and this can be a combination of items that make up your entire bond amount.

Figuring Out Collateral

Anything you put up for collateral for a bail bond has to be owned by you or someone else outright. You can't put up your home, for example, if you have a mortgage on it. If you have a friend or family member willing to put up a vehicle that is 100% owned, they can do this on your behalf. Collateral can be jewelry, electronics, stocks, bonds, bank accounts, and anything else of value that could be liquidated if you skip out on your court date.

Collateral Can Come from Anyone

Anyone willing to sign over property on your behalf can cover your collateral. In the event you miss your court date, the collateral can be sold in order to cover the cost of the bond. Anyone that has something of value could potentially sign it over to your bail bond company on your behalf.

A bail bondsman is going to get you out of jail fast for a small portion of your total bail amount. Collateral can be a combination of valuables, both owned by you and other people. You'll get out of jail quickly and must make your court date or you are going to risk the collateral put up on your behalf. To learn more about bail bonds, speak with a professional.