When one runs into legal problems with an authority, he or she can bail out to receive freedom. An indigent person will be assisted by a bail bond company. Bail bond pays Google to go free as a promise that a defendant will face the court on the mentioned day. Bail bonds may be secured using property, automobiles and homes among others. Some of the forms of collateral to be utilized to post bail bonds are:
Real Estate
Collateral may include real estate equity like land whereas land or commercial building etc that the defendant is holding. The mortgage on real estate is not a bail bond. The value is dependent on the cost of the property.
Valuables
To provide a security, some valuables, firearms, artwork, antiques, precious metals including gold or silver may be used. The company that deals with bail bonds first assesses the present price of the items in order to determine whether they can afford to pay the bail. They take the valuables of the person as collateral provided the valuables are worth the bond of the bail.
Electronics
Laptops, video gaming systems, smartphones can serve as collaterals but these devices can be quite expensive. In case the value of the electronics is not equal or more than the amount of bail, the client can add up that value with the cash. In case the defendant does not make the court appointment date, the bond amount can be reclaimed by selling the right to electronics.
Guaranteed Stocks and Bonds
The other type of bail bond is the guaranteed stocks and bonds. The stocks and bonds entities can be used as a collateral in case the guaranteed investment is at least equal to and may even surpass the penal costs. The defendant shall be required to transfer the legal ownership of the investments to the bail bond institution.
Vehicles
Such vehicles are classified as vehicle collaterals i.e. trucks, cars, motorcycles, and recreation vehicles i.e. snowmobiles, boats, and ATVs. The cars must be fully paid and the defendant will have to be included on the title. The bond company considers the trade in value of the vehicle and only then the asset is taken as collateral.
Financial Accounts
It is also possible that if a defendant puts forward an account as saving, credit card, or a certificate of deposits (CDs) as the collateral, the amount set as the limit can be used to cover the penal amount. They are required to list the name of the bond company as legal representative of the financial assets. The company is allowed to charge the entire bail in case the client would default in court.
Promissory Notes
The amount of the bail is sometimes too high and the arrested person is not able to offer the collateral. The incarcerated person can either post a bond with a bond company in the form of the promissory note worth of the bail. The promissory note will assist the bail service to locate the defendant and recover the amount of bail should the person fail to appear in the court of law.
Acquire Bail Bonds Assistance
An arrested individual in jail can apply a bond to get himself/herself released on a short term basis. Bail bond companies are able to help a client when it comes to getting bail bond collateral to obtain freedom. Our company provides payday loans on bail because this is something that they can sell in case the client does not appear in the court. Discuss with a bail bond company to find more on the types of assets that can be used as pledge.
