Understanding Collateral With Bail Bonds

Choosing to go through a bail bond agent to get someone out of jail is a very common method, as it allows you to pay less money out of your pocket to have someone released from jail. Using a bail bond agent will still require paying some cash, but there are also ways to use collateral with a bail bond, and here are several things to understand about this:

You must pay a set fee

The first thing to know about the use of a bail bond service is that they charge a set fee, and this fee is based on a percentage of the bail amount for the person who is currently arrested. The fee you will probably have to pay will be around 10%, as this is a relatively standard rate for most bail bond agencies. You cannot get a bail bond without paying this fee.

You may use collateral as a substitute

When a person needs a bail bond but does not have cash to use, the agency may allow the person to substitute collateral for the cash. Collateral can be almost anything you have of value; however, bail bond agencies prefer things such as real estate, jewelry, stocks, and cars. If you have any of these items you could use, then you may not have to pay the fee in cash, as long as the item has enough value.

You may need collateral in addition to the fee

When a person is considered a high-flight risk, the agency you use for the bail bond might require paying the cash fee and putting collateral down. In other words, there are situations when both are necessary to get a bail bond. If this is the case, you would need to come up with the cash or offer collateral that is well over the amount of the fee.

You could lose the collateral

You should always proceed with caution when getting a bail bond for someone you know as there are risks in doing this. A big risk when putting collateral down is that you could potentially lose the item you offer. This would only happen, though, if the person released from jail did not complete all the necessary requirements for the court and bail bond agency.

If you would like to learn more about the bail bond process, you can do so by contacting a local bail bond agent of your choice.

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