What Can Be Pledged as Bail Bond Collateral?
Collateral for bail bonds refers to items that a person will pledge as security for payment. If the original payment is neglected, the original owner must relinquish their pledged collateral to the person or group to which it was pledged. If there are no issues with the original payment, then the collateral is released back to the original owner. Collateral is basically like insurance or a guarantee and is very often associated with needing loans, paying for a mortgage, and even paying for bail bonds.
Pledges of Different Kinds of Collateral
Items that can be pledged for collateral must be of significant value. Therefore, common items that are pledged for collateral include property, vehicles, valuables, electronics, and firearms. For property and vehicles to be accepted as collateral, it usually requires the original owner to have full ownership (or at least a large majority) of the property or vehicle. This means that they are no longer making payments on the property or vehicle.
Electronics are of value as collateral usually if they are more current in terms of their technology. For example, a 70-inch flat-screen television is worth more than a 12-inch boxy television. Therefore, the 70-inch television is more likely to be accepted as collateral, and with greater monetary value.
The value of the item or items pledged as collateral will need to equal a certain amount of money. The bail bond company will determine this which will let you know if you need to pledge more or not. As long as you keep up with the monetary payments for the bail bond, and as long as the defendant shows up for court, then the collateral will eventually be returned.
Free at Last Bail Bonds Is Here To Help
Free at Last Bail Bonds will work with their clients to sort out all the bail bond needs, including collateral if it is necessary. Free at Last Bail Bonds is extremely easy to work with, and our bail bonds are affordable. Get a free consultation to see for yourself!