Collateral Comes in Many Forms
Here at Kocian Bail Bonds, we deal with a lot of questions. For the most part, people don’t know too much about bail bonds until it comes time for them to make use of one. While this is probably a good thing considering a lack of bail bond knowledge most likely means that a person has not had to deal with being arrested in their life, it can be an inconvenient gap in knowledge in certain situations. One of the most common questions we receive relates to what can be used as collateral in the event that a bond must be used. To spread as much knowledge as possible, we are going to use today’s post to go over some of the most common forms of collateral people use when acquiring a bond. Continue reading below to learn more.
Collateral is a Necessary Part of the Bail Bond Process
Overwhelmingly, people would rather not sit in jail any longer than absolutely necessary. In the event of an arrest, most people are given the opportunity to post bail so that they can remain free until the date of their trial. However, unless a person has a lot of cash on hand or knows someone who is willing to front the money, a bail bond will need to be obtained. Unfortunately, many people are unable to pay the full amount of the bond, meaning that they will need some form of collateral to secure the services of a bondsman. Below, we have listed some of the most common forms of bond collateral.
- Vehicles: As long as a vehicle is valued at or above the amount of bail that has been set, a person can use their car, truck, or SUV as collateral. This is a convenient form of collateral for many people because, for the most part, everyone has a car.
- Jewelry: Jewelry and other forms of precious metal, such as gold, silver, or platinum is another popular form of collateral that people tend to use. Many people own some form of jewelry that has value to it and as long as the jewelry or precious metal is appraised at a high enough value, the vast majority of bail bond companies are more than happy to pay out a bond.
- Real Estate: Because of the relatively high value of most real estate holdings, many people will use this asset as a form of collateral. Even if you don’t own the real estate outright, having a considerable amount of equity in a property through a mortgage payment or other financial arrangement is almost always enough to cover the collateral expectations set by a bail bond company.
If you would like to learn more about the types of collateral that we accept at Kocian Bail Bonds in Waco, please get in touch with us today by giving us a call at (254)-218-5991 or by filling out our contact form on our website. We have helped people post bail for years and we are certain that we can find a bond arrangement that works for everyone involved.