30 Oct What Is Acceptable Bail Bond Collateral?
What Is Acceptable Bail Bond Collateral?
A common necessity to secure a bail bond is to get collateral for it. The collateral is pledged, kind of like a ransom, if you will. As long as the defendant goes to court as scheduled, collateral for the bail bond will be returned to the owner. However, if the defendant fails his or her release terms, the collateral will be taken. So, it’s up to the defendant (and the person who is putting up collateral) to stand by their word and go to court so as to not jeopardize anything!
The most common items put up for collateral are:
- Real estate – generally, this must be property you own completely or at least have a majority equity in. Property that is still under mortgage is usually not accepted.
- Vehicles – like real estate, this is generally vehicles that you own entirely, not still owe payments for.
- Valuables – this includes jewelry, electronics, and firearms.
The value of the collateral must equate to the value of the bail. The bail agency will help clear this up for you so you know if your items are acceptable as collateral, and if you might need more.
Contact Los Angeles Bail Bonds Store at Statewide Bail Bonds or 877-793-2245 today with any questions you may have.
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