What Can I Use For Bail Bond Collateral? BailOption Has Some Options For You

What is bail bond collateral? People can offer collateral as security for a bail bond. However, it is up to the  bail bondsman if he is will to accept the collateral in lieu of payment for the bond. In Florida, bail bond companies charge 10% of the total bail amount for their fee.

Sometimes, the person who acquires the bail bond will need to offer collateral to secure a bond. Collateral is usually an asset that has a quantifiable value such as a house, car, or jewelry. The court will return the collateral after the defendant shows up to all his hearings and the case is dismissed.

Real Estate Property

Most bail bond companies will accept real estate property as the best option for securing a bail bond. However, there may be a requirement for its value to fully cover the amount stated by the bail terms. Bail bondsmen look to see if there are any liens or mortgages placed on the property. they will also look to see how much equity there is on the property. Real estate properties include homes, buildings, and land.

Motor Vehicles

Bail bond companies will also accept motor vehicles. They see automobiles as a suitable option for securing a bond. The individual must provide the title just like real estate. Also, the bond company may conduct a detailed valuation to determine the value of the vehicle. The bail bond company will want to know if it can cover the amount of the bail. Vehicles can include cars, boats, motorcycles, and snowmobiles.

Cash and Investment Accounts

Defendants can also use liquid cash in their bank accounts to secure a bond. Bail bond companies will also accept stocks, bonds, and certificates of deposits as collateral.

Promissory Notes

Promissory notes are legally binding papers or accounts receivables that promise to pay the loan. Bail bond companies can trade them in for cash if the defendant violates the bond terms.

Credit Cards

Credit cards can be used as collateral to secure a release in exceptional circumstances.

However, the cardholder will often need to give authorization to run the card against the full bail amount if the defendant doesn’t appear in court.

Jewelry

Jewelry may also be used as bail bond collateral.

However, bail bond companies may limit jewelry  to metals such as gold.

Since most jewelry is small, it may be secured in a safe location until the conclusion of the case.

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