Things To Know When Using Collateral With A Bail Bond
Posted on: 28 October 2021
Are you trying to find a way to bail someone out of jail and are unsure how to get the job done? If you do not have cash for the bail, you can use an alternative option to get your friend out of jail. The best option is to use collateral. If you want to use collateral to get your friend out on bond, here are several vital things you need to know.
You Will Need to Hire a Bail Bond Agent
To use collateral in order to bail someone out, you will need to hire a bail bond agent for help. A bail bond agent pays a person's bail for them, but they require fees and conditions. You can use cash for the fee if you have it, but if you do not have cash, you can ask about using collateral.
The Agent Will Tell You How Much Collateral You Need
When you contact a bail bond agent, they will tell you how much collateral you need. To give you the answer to this question, they will ask you some questions. First, they will need to know the inmate's name, location, and charges. They will also ask about the bail amount. The fee they charge is usually 10% of the bail amount, but they might ask for collateral that is worth more than 10% of the bail. If the defendant breaks bail, the bail bond agent can sell the collateral to generate cash.
You Must Sign an Agreement
If you decide to give them the collateral in exchange for them paying the bail, they will ask you to sign an agreement. The agreement tells you the conditions. It states what you must do to get your collateral back, and it tells you about the fees you might have to pay. When you sign this agreement, you sign a legally binding agreement.
You Can Get Your Things Back Under Certain Conditions
The good news about using collateral is that you can get it back if you follow the rules and conditions. It might take several months for this to happen, though. To get it back, you must wait until the court releases the bail money. At that point, you can ask for your collateral.
Now that you understand how to use collateral to bail someone out of jail, you might want to contact a bail bond agent for help. The agent can walk you through the process and answer all your questions. Contact a local bail bonds service to learn more.
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