A collateral is something you offer to a bail agent in place of, or in addition to, the bail money for release of your friends or family from prison. It is used as an assurance by the bail agent that you will show up for court proceedings after you’ve been released from jail. There are many types of properties and assets that you can use as collateral for bail bonds. Here are some:
Houses and Land
A bail agent will accept both kinds of collateral. If you choose your home as your collateral, however, the process might take longer than usual as you would have to sell it first.
Jewelry and Other Pawnable Items
If you don’t want to give up real estate properties, jewelries are your next best bet to secure a collateral. If you don’t have any jewelry, you can also put down pawnable items like televisions, gadgets, game systems and instruments as collateral.
Like land and houses, cars can also be used as collateral. You will have to give the deed of sale of your car to the bail agent who will then keep it in a secure location until the case is solved.
Collaterals are sort of an insurance policy. If you fail to appear in court proceedings or violate any arrangements made between you and the bail agent, you risk losing these items for good.