In most cases, people use property as collateral to secure bail for their loved ones, but there are several other options available.
Here are some items that you can use as collateral options for an individual who needs bail.
You can put up your apartment or home as collateral for securing a bail bond. However, the property must belong to you in its entirety, not to a landlord or a mortgage company.
You’ll have to consent to the property you put up as collateral being auctioned off, in case the defendant does not appear for the court hearing.
Furthermore, you’ll have to leave the ownership deed of your property with the bondsmen or the court.
You can also use land as collateral, but again, it has to be under your name and not under a mortgage.
Though you’ll have to surrender the deed until the court date, you’ll still have to option to use the land.
Movable assets may include boats, motor vehicles, motorcycle, and recreational vehicles, among others. It’s important that you have 100% ownership of these items if you put them up as collateral.
You’ll have to agree to surrender the movable assets if the defendant does not show up in court.
Moreover, you’ll also have to pay 10% of the total bail amount in cash to put up movable assets as collateral.
If you have enough money in the bank to cover the bail amount, you can use your bank account as collateral.
However, your bank account will be frozen and you won’t be able to access that sum of money until the court date.
You can use valuables such as antique firearms and wall clocks, jewelry, musical equipment, mint magazines and comic books, and other collectibles as collateral.
As a matter of fact, valuable art and artifacts—including sculptures and paintings—can also be used as collateral, provided that they have sufficient market value.
But unlike home or land, you’ll have to hand over your valuables to the bondsmen or the court to secure your bail.
During troubling times, even your electronics can help you secure bail.
Items including computers, laptops, cameras, televisions, gaming consoles, smartphones, tablets, or any other electronic gadgets that cover the amount of bail can be used as collateral.
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