If you enjoy crime shows on television, you’ve probably become a little bit familiar with bail and bail bond agencies. However, these shows don’t go into the details of how posting bail works or what is considered acceptable as collateral when you try to get a bail bond. When you work with a bail bond agency to post bail, you’ll be asked to turn something over as collateral. This serves as a guarantee that your loved one attends all court dates. At the end of the case, you’ll get your collateral back.
The Title to Your Home
One of the most common forms of collateral when securing a bail bond is the title to your home. This only works if you have paid off your home; if you’re still making payments, you will need to find something else. Be aware that if your friend or family member doesn’t show up, you could lose your home.
Property You Can’t Move
Most of the time, this means land. If you own some property, you can turn the title deed over to the bail bond agency who will hold onto the title until the court proceedings are complete.
Your Vehicles
In many cases, cars, trucks, recreational vehicles, farm equipment, and boats are used as collateral. The vehicles (not the titles) will be left with the bail bond agency until the case is complete. If you aren’t able to pay your percentage of the bail amount or if your loved one doesn’t show up to court, your vehicle will be taken.
Family Heirlooms and Other Valuables
Art such as sculptures and paintings with legitimate provenance can be used as collateral. Jewelry, vintage items, musical instruments, high-end electronics, and other valuables are also appropriate as collateral. Again, these items will be held by the sullivan county bail bonds agency until court proceedings are concluded.
Your Bank Account
If you choose to use the money in your bank account, be aware that the money will be frozen. It’s best to use a savings account because you won’t be able to access any of the money in the account until the case is over. Before submitting your property as collateral, make sure you understand your risk. Carefully discuss your options with the bail agent.