What are Collateral Bail Bonds?

What-Are-Collateral-Bail-BondsIf you’re new to the bail bond industry you probably have a lot of questions.  From the moment you learn a family member or a loved one has been arrested we know you want to find the answers to all your questions.  For example you’re likely to come across the fact that there are different types of bail bonds.  Including collateral bail bonds.  What are collateral bail bonds?  What are the benefits to using a collateral bail bond?  In today’s post we’re going to take a closer look at this common form of bail bond.

What are Collateral Bail Bonds?

A collateral bail bond is actually a very simple type of bail bond.  When you use this type of bail bond you are providing an alternative to money.  For example instead of having to use cash or a credit card to pay your fees you are substituting something of equal value in its place.  In most cases individuals will use electronics, cars, property, vehicles, valuables like collectables or jewelry as collateral.  If you have the option to use a collateral bail bond it’s important to discuss what type of collateral the bail bond agency will accept.  Your bail bond agent will be able to clear up any questions you may have regarding types of collateral.

So what are the benefits?

You may be wondering what the benefits might be to use a collateral bail bond.  Especially if you have the monetary ability to pay for the bail bond.  In this case one of the benefits of using collateral instead of money is that it frees up that resource.  By using collateral you are keeping your money available to help pay for additional expenses.  When posting bail it’s easy to overlook other expenses you may have to cover like childcare or everyday expenses.  Using collateral helps keep your savings in your pocket.  Now if you don’t have the means to cover the cost of bail collateral can help to avoid taking out a loan or going into debt.

Things to Consider

Before you decide to go forward with a collateral bail bond it’s important to consider your relationship with the defendant.  Are they likely to jump bail?  Will they appear in court when they need to?  It’s important to access the risk of them upholding their requirements of bail.  That’s because if the defendant jumps bail or misses a court date whatever has been used as collateral can be collected by the bail bond agency.  This can be a costly and unfortunate situation.  However if your friend or loved one is trustworthy this risk can be low or nonexistent.

Contact Your Freedom Bail Bonds Today!

At Your Freedom Bail Bonds we have the experience and know how to help you navigate the bail bond process.  If you have any questions about different types of bail bonds or the bail process contact us today!

Tagged

Leave a Reply

Your email address will not be published. Required fields are marked *