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An Explanation Of How Collateral Works With Bail Bonds

30 August 2021

Eva Kennedy

A bail bond is something you can purchase to help you get out of jail. The only time you would need one is when you cannot afford to pay your bail yourself. If you cannot afford it, you can go to a bail bond agent for help. When you work with an agent, they might agree to pay your bail, but they will require a fee for this service. Fortunately, you can pay the fee with collateral. Here is a description of how this works.

The Bail Bond Agent Looks at Your Case

The first thing to know is that you must contact a bail bond agent when you need help getting out. The agent does not have to accept your case and pay your bail. In fact, the agent will thoroughly evaluate your criminal case and history before agreeing to it. If you have a record of breaking bail, they might deny helping you. If you have a clean record, you should have no trouble finding an agent to assist you with your case.

They Require a Percentage of Collateral

When you hire a bail bond agent and pay a fee, the fee normally consists of 10% to 15% of the bail amount. If you use collateral, you can expect to need more than 10% to 15% of collateral, though. Because collateral requires the bail bond agent to sell it to generate cash if you break bail, you might need enough collateral to meet a higher percentage. The percentage will vary.

You Follow the Terms and Repay the Fee

Even if you use collateral, you will still need to pay the fee. The difference is that the collateral gives you a way out of jail now. Before you can get the items back, though, you must pay the fee. Most bail bond agents accept payment plans for the fee. During this time, you must also follow the rules and terms of the bail bond agreement.

They Give You the Collateral

When you meet every condition and term, including repaying the fee, the bail bond agent will give you the collateral back. If you need a way out of jail and have some collateral you can use, this is a great option.

To learn more about collateral, fees, and bail bond agent rules, contact one in your local area. They will be able to answer your questions and provide a list of acceptable collateral.

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