When a loved one is arrested, there is usually an amount set to bail them out of jail. This is usually a larger amount of money to ensure that the person bailed out does not flee when they are released. However, sometimes the family cannot afford to cover the cost of bail themselves and need to enlist the help of a bail bondsman, which may require collateral.
Read this blog to learn about collateral when posting bail.
What Is Bail Bond Collateral?
Bail bond collateral is something that a bail bondsman may require if the person getting bailed out of jail is deemed high risk. This means if it is likely that the person getting bailed out will flee or skip their court dates, the bail bondsman will require collateral to cover the entire cost of the bail.
Bail bondsmen cover the entire cost of bail on the agreement that the person getting bailed out of jail will not flee or skip court and they will get their money back. They need to get collateral from the person hiring them or risk having to go after them for money later.
What Can Be Used as Bail Collateral?
There are a few different types of collateral that bail bond agents will accept. If the person that was bailed out shows up for their court dates and does not flee while on bail, all collateral will be returned to the person who hired the bail bondsman.
If the person hiring the bail bondsman does not trust the person who was arrested, it is not smart to bail them out of jail and risk losing the collateral.
Real estate collateral is commonly used, especially when the bail was set higher than they could cover with different types of collateral. When real estate is used as collateral, the homeowner would need to add the bail bondsman as a lien on their home.
When a bail bondsman is added as a lien, this gives them the ability to get back money lost on someone skipping their court dates or fleeing by selling that home.
A credit card would only be used as collateral on smaller bail amounts. The bail bondsman would put a hold on someone’s account for the entire bail amount so that if the person that was bailed out flees, they can push the charge through and charge the card for the money they are owed.
By putting a hold on the credit card, they are confirming that the credit card has the funds to repay the bail bondsman if needed.
Personal property can be a little harder to use as collateral since it is harder to prove what the items are worth or who the real owner is. However, this type of collateral is still commonly used.
Personal property collateral can include:
If a vehicle is being used as collateral, just like a home, the bail bondsman will require a lien in their name to be placed on the vehicle. If other types of personal property are used, the bail bondsman will usually take that property into their possession until the case is over. If all goes well, it will be returned.
What Are No Collateral Bail Bonds?
Using no collateral bail bonds depends on the company/bail bondsman. If they are willing to take the risk on the arrested person, or the arrested person was deemed to not be a flight risk, then a bail bondsman may decide they can offer someone a bail bond without collateral.
This means the person hiring the bail bondsman would pay them their fee for services and not have to give them anything to cover the rest of the cost of bail. However, the person would owe the bail agent the full balance if the arrested individual misses any court dates.
If your loved one has been arrested but you cannot afford to post their bail on your own, contact us today at Hand In Hand Bail Bonds and we can help you bring your loved one home.