Top 6 Forms of Collateral Accepted for Bail Bonds
If you are in need of an affordable bail bond, but you do not have the cash to pay for it in full, there are other options. One of the most common forms of payment is known as collateral. Typically, collateral will need to be equal to the amount of the bond and it is a sort of guarantee or placeholder that the person who committed the crime will show up in court.
If you are unsure of what type of collateral you can use, consider the most accepted six forms.
- Your Home
If you are in need of bail bonds in Alabama, you can offer the title of your home to the agency as a form of collateral. Of course, you will need to have equity in the home and you cannot be in the foreclosure stage.
- Your Vehicle
Often times, people will place their vehicle up as collateral for a bail bond. You will usually need to hold the title to the vehicle and not have any outstanding liens or loans on it.
When it comes time to offer up some collateral, you can choose to put up a couple pieces of jewelry. Typically, gold and diamonds do the best, but if you have a nice piece that is appraised with value, you may be able to use it.
- Bank Account
Sometimes, you may not have enough cash on hand, but you have enough money in the bank. In this instance, you may have the opportunity to offer your bank account balance as collateral.
- Surety Bond
If you can obtain a surety bond, you can use this as collateral to pay for Troy, Alabama bail bonds. The surety bond is a guarantee that you will pay the fees associated with the bail bond. If you fail to pay, you face a hefty penalty.
Similar to your home, you can offer up any land that you have.
Before you begin offering collateral, make sure that you understand if you fail to pay or the person fails to show up in court, you could lose your property.