If you have heard of collateral being used as part of the bail bond process but aren't entirely sure how it all works, you are not alone. Many people do not understand how bail works, but it does not have to be so difficult. Do you have questions about collateral? Here are answers to some of the common questions people have about it.
First, What Is Collateral?
Collateral is an item of value that you can use to secure debt. Collateral helps to ensure that you make a payment, and it could be anything from cash to property. A bail bond company will take the collateral you provide in exchange for the defendant to show up for their court case.
In order to provide collateral, you will need to provide documentation and evidence that you own the property. For example, this might be the deed to your home or the title to your car.
What Do You Need to Do to Put Up Collateral?
In order to put up collateral, you first need to know how the bail process works. You will first be required to consult with a bail bond professional who will likely have some questions for you. The agent will look at the defendant's history as well as your own history. They will examine the defendant's charges, character, and community connections. They also look at your employment status and credit rating.
This part of the process is meant to minimize risk for the bail bond company, but it also protects you. When you sign off, you can know that the bail bond company has studied all angles of the situation.
You will receive the collateral you place for the bail bond when the defendant shows up to court for the final time and the case is completely resolved. All financial obligations must have been resolved as well.
Is There a Chance You Won't Get Collateral Back?
There is a chance you will not receive your collateral or that you will be asked to provide the cash value of the collateral to keep your property. Of course, this only happens if the defendant fails to show up in court.
Post Bail With a Professional
It is always smart to ask a professional bail bond agent if you still have questions about collateral. Collateral can be confusing, and you are not alone if you struggle with determining what you should do. Call a professional today to discuss your options for posting bail with collateral or for other information about arrest bail bonds.