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Wednesday, May 17, 2017

Types of Collateral That Can Be Used For Bail Bonds

In order to get out of jail after an arrest, there is typically a need to post bail. When there is not enough money to pay the bail amount, a bail bond Salisbury NC can be purchased. However, there is a need for some kind of collateral that needs to be put up and here’s a look at what can be used.

Vehicle

Posting a vehicle for bond will require the owner to have the title in hand. That means it will have to be owned outright, with no outstanding loan or lien on the vehicle.

Surety Bond

A surety bond is purchased with cash, although the full amount of bail is not required. A surety bond can be purchased for 10% of the actual bail. That 10% will not be returned, regardless of the case’s outcome.

Cash

A cash bond can be used but needs to be paid in the full amount of bail in order for a defendant to be released. Cash is returned after the trial, minus some fees for some court costs.


Home

A home does not have to be paid off in order to be used as collateral for a bail bond Concord. However, there does need to be some equity within the home as that will provide the value for which a bond can be purchased.


Jewelry

In some instances, gold and diamonds are used as collateral. Whatever jewelry used must come with a certified appraisal. However, some bail bondsmen will ask that the jewelry be taken to a pawn shop and then have the cash used to purchase a bond. It varies among bail bonding services.

Land

This form of collateral is based on the same principles that are required when providing a home as collateral.

Bank Account

When there is an ample amount of money in a bank account, this can be used as a way of providing collateral for a bail bonds.

Credit Cards

Some bail bondsmen will allow for client’s to use credit cards. This is done by using authorization forms which allow a bail bondsman to run the card for the owed amount in the event that a defendant does not show up to a court date.

Bost Bail Bonds provides 24 Hour Bail Bondsman Services in North Carolina. When the time comes to purchase Cabarrus County Bail Bonds or Rowan County Bail Bonds, contact the team of professionals at Bost Bail Bonds and we will walk you through the entire process.