It is not uncommon for people to be unable to post their entire bail amount. Bail bond services were designed to give everyone a better opportunity to be at home while they prepare for their court date. Bail bond companies typically require the client pay 10 percent of the bail and have the remaining amount available in collateral. There are often additional charges, but those can vary by company and depending on the case. All charges are explained upfront and included in the agreement signed by the person securing the bail. As long as the person charged attends all court dates as ordered, any items or cash used as collateral are released. The 10 percent cash and any fees are the payment for the service. Here are some ways financially strapped individuals and families can gather the cash and collateral they need to get a bail bond for a loved one.
Using Homes and Vehicles
Real estate and valuable property like vehicles are only eligible as collateral if they are owned outright. The owner must have the title for any vehicles and they must be in working order and have some resale value. Houses or property can only be owned by the person or people signing the agreement and be in a condition that would make them likely to sell.
Gathering Jewelry and Antiques
Smaller items with value, like antiques or jewelry are useful in a couple of ways. They are accepted as collateral if the value of the item is easy to assess. If not the owner can pawn the items or sell them outright to gather the cash they need. Pawning does offer the option of retaining the property after the case is over and the collateral has been returned. Selling or pawning gold, silver and platinum are the easiest methods of obtaining cash, but any items of value are accepted in pawn shops and through many bail bond companies. Many people also use electronics and tools to get the collateral they need.
Finding Any Available Cash
Cashing in savings bonds, life insurance and 401K plans are other possible means of getting the cash that is needed. This will often take a few days and, because of the tax implications and fees for an early cash-out, it is a method that should be considered only when no other option is available.
Applying for Personal Loans
Applying for a personal loan is often the only option when there is not enough property or cash available. Small personal loans are usually approved quickly and are often given without any collateral needed if the applicant has good credit. The benefit with a loan is that even if collateral is needed a lender will accept vehicles or real estate even if it is not owned outright. As long as the property has enough equity to cover the loan amount adequately it is acceptable.
Personal property and cash used to secure a bail bond is held by the company until the details of the agreement have been met. In the instance of real estate or vehicles, the pink slip or title is held by the bail bondsmen until the completion of the case. Once all fees are pain in full, the bail bond company will release the collateral back to the client or the owner of the property. This is usually completed within a few days. If the person who needed the bail leaves town or refuses to attend court as ordered, all of the property is lost and additional fees are often added.
For more information or assistance, contact a local bail bond company, like Yusef Odeh Bail Bonds.