Making bail can be a scary experience, especially if you’re strapped for cash. The good news: There are a few other ways to post bail. Valuable possessions and surety bonds can be used individually or with cash to pay someone’s way out of jail. Keep reading to learn about how to come up with bail bond collateral.
What Is Bail?
Bail is a pre-set amount of money that must be paid in order for the defendant to leave jail. Posting bail incentivizes the defendant to attend their court dates. If the defendant fails to appear before the court, they forfeit their bail bond. A bail recovery agent (bounty hunter) will then try to locate the defendant and make them appear in court. If they are successful, the defendant will receive back the items and/or cash used to make bail.
Different Types of Bail Bonds
Cash is the most common form of bail bond collateral, but there are two other ways you can post bail:
1. Valuables as Collateral
In many cases, bail is set in the hundreds of thousands of dollars, forcing the defendant to use their assets as collateral. The defendant’s valuables can be used in addition to cash collateral.
2. Surety Bond
When you hire a bail bond agency, you agree to pay 10% of your set bail to the bail bond agent and attend your court dates. Many bail bond agencies are flexible in assisting defendants with repaying their bond in full. The problem with posting your own bail is that if something goes awry with the scheduled court dates, you may lose some or most of your cash and/or valuables.
What Valuables Count as Collateral?
Before you offer an item for bail bond collateral, consider its value. Acceptable items to use as collateral include precious heavy metals (e.g., diamond jewelry, solid gold), firearms, titles to vehicles, and the deed to a property. If you have a severely outdated home in need of repairs, a condemned property, or a severely damaged vehicle, it cannot be used as bail bond collateral. Additionally, if your property is primarily owned by the bank (you have not paid off the mortgage), you cannot use the property as collateral.
Electronics such as gaming systems, televisions, cell phones, iPads and other tablets, and home speaker systems can be used as collateral. These items must be in new or excellent condition.
Guaranteed stocks and bonds are also considered collateral. However, you must first sign over legal ownership of the stocks and bonds. High-interest saving accounts and investment on CDs may also be accepted.
Expedite Legal Proceedings With a Bail Bond Agent
Gage Gandy Bail Bonds has assisted clients in Brazos Valley and Bryan-College Station with securing bail bond collateral for over 19 years. Gage is a Bryan-College Station native and is passionate about assisting the community. Our team of experienced bail bond agents are trained to provide you the support you need to make informed decisions about your legal proceedings. If you or your loved one need help coming up with bail bond collateral, give us a call today at 936-206-7064 (Grimes County office) or 979-821-2663 (Bryan, TX, office).