When it comes to navigating the criminal justice system, one of the most stressful and intimidating processes is understanding how bail bonds work. Bail bonds can help you secure your release from jail while you await your trial date. If you're arrested, you may wonder what type of assets and collateral you might need to put up a bail bond.
The good news is that there are some forms of security commonly accepted as a form of payment for bail bonds. This article explores common items used to secure a bail bond.
Jewelry
Using jewelry as collateral for a bail bond is a common and accepted practice. This is because jewelry, particularly pieces made of gold, silver, or adorned with precious gems, typically retains value well and can be easily sold if necessary.
When you offer your jewelry as collateral, the bail bondsman will have it appraised to determine its current market value. The amount of bail bond you can secure with your jewelry depends on this appraisal value.
The process involves physically handing over your jewelry to the bail bondsman, who keeps it in a safe and secure location. You need to understand that by offering your jewelry as collateral, you're agreeing to forfeit ownership if you fail to meet the terms of the bail bond agreement. This could mean not showing up to court dates or not adhering to any other conditions set by the court.
However, if all conditions of the bail bond are met, your jewelry will be returned to you. Therefore, using jewelry as collateral can be an effective way to secure a bail bond without having to come up with cash.
Real Estate Property
When you use real estate property, such as your home or a rental property, as collateral for a bail bond, the process is slightly different. You won't need to give up physical possession of the property, but you will need to grant the bail bondsman a lien on the property. This means that if you fail to meet the terms of the agreement, the bail bondsman can theoretically place a claim on your property.
Real estate is often accepted as collateral by many bail bondsmen because it's a relatively secure form of payment. Compared to other items, real estate is considered to have more long-term value that can easily be liquidated.
Even if you don't have enough cash to cover the cost of a bail bond, there are other options. Jewelry and real estate are two common forms of collateral that can get you out of jail until your court date.
Contact a company like Rocket Bail Bonds to learn more.
Share
