When you need a loan from a bank or other financial institution, you will probably have to establish that you’re capable of paying back the loan. The bank will require you to have a job, or they’ll ask that you sign with someone who does. Bail bondsmen require something similar in the form of collateral. Here’s what you may be able to use for collateral if you need bail.
Your home: Any dwelling you own – including a house or an apartment – can be used as collateral for securing a bail bond. The property must belong to the homeowner, not the mortgage company or landlord. The homeowner will have to agree to put the property up for auction if the defendant fails to show up for court. To secure the bond, the bondsman may have to leave the deed (pink slip) with the bondsman or the court.- Land: If you own land that is, again, not under mortgage, you may have the option to use this asset as collateral. The deed has to be surrendered and held until the court date.
- Vehicles, boats, farm equipment, recreational vehicles, motorcycles, and other movable property: These are all items that may be used as collateral for a bond. These must be items you own, and you will have to agree to surrender it if the defendant misses his or her court date. You may be asked to either leave the deed or the actual vehicle with the bondsman or court.
- Various valuables: Jewelry, antiques, paintings and sculptures, valuable comics, musical instruments, and other collectibles could be used as collateral as well.
- Bank account: If you have money in the bank to cover the bond, you may be able to use it as collateral. However, you will not be able to access that money until the case is resolved, even for everyday living expenses.
- Firearms: If you own any valuable firearms, they may be used as collateral to secure bail. Again, these items may need to be left with the bondsman until the end of the case.
- Animals: Even cattle or livestock can be used as collateral. Household pets probably won’t fit the bill, so you don’t have to worry about putting dogs, cats, or goldfish up as collateral. Farm animals may be the exception to that rule.
Don’t hesitate to call your bail bondsman to discuss your personal case, even if you don’t own any of the items listed above. A good bondsman will work with you to ensure you receive the bail you need.
Tags: Bail Bond, Collateral