If you find yourself in jail and unable to post bail, you can still get out through a bail bond. A bail bond is an agreement that helps a defendant regain temporary freedom while waiting for their court date, wherein the defendant is required to pay the bail bondsman a fee for the service.
However, if you still don’t have the resources to pay the bond’s full amount, you can use collateral to secure a bail bonds service. Here are some types of collateral that you can use:
If you have a car, truck, SUV, or motorcycle that still holds considerable value, you can use it as collateral for your bail bond. Of course, you need to hold the title to this vehicle, and it shouldn’t still be on a lease.
Recreational vehicles, such as RVs, ATVs, campers, and boats can also be used as collateral as long as you fully own them. But if given the choice between pledging your car and a recreational vehicle, put the latter forward so that in case it gets forfeited, you still have a means of transportation every day.
2. Real estate
Any piece of property, whether it has a structure on it or not, can be used as real estate collateral. If you still owe money on the property but have built up substantial equity on it, you can still use it as collateral. Moreover, your family member or friend can offer their real estate property on your behalf, so you don’t have to actually own it.
Another type of valuable item you can use as collateral is jewelry. Any piece of jewelry (earring, necklace, watch, ring, etc.) that contains valuable metal and precious stone can be used as collateral. However, the bail bondsman will need to have your jewelry’s cash value assessed before it can be accepted.
4. Stocks and bonds
You can also use stocks and bonds as bail bond collateral as long as the guaranteed investment is higher than the penal amount (because securities often fluctuate). Aside from stocks and bonds, you can also use certificates of deposit (CDs).
Valuable electronics such as TVs, gaming systems, computers, and cellphones can be used as collateral since they can be pawned. But if they are in bad condition, your bail bond agency may reject them as collateral.
Firearms also hold pawnable value. If you have a licensed firearm, you can pledge it as collateral to your bail bondsman.
Any item (tangible or non-tangible) that has cash value can be pledged as collateral. It depends on your bail bond agency whether they will accept it or not. Nevertheless, be careful with the collateral you offer and keep in mind that you may not get them back right away.
Once you satisfy the court and your bail bondsman’s conditions, you can regain your collateral after some time, depending on your case. But the most important thing is to get your freedom back so that you can continue going to work or school, seeing your family, and living your life while you sort things out in court.