Bailing Someone Out: 2 Collateral Options You Can Use


If you find yourself needing to bail someone out of jail, you must determine which collateral works best for your situation. Depending on the state you live in, you may have more options available to use. By taking some time to research and know your options, you will have a better chance at choosing the right collateral method. Here is a basic overview of two possibilities.

Personal Property

One collateral option you have is to use a vehicle such as a car, RV or boat as collateral. Another option is to use personal property. Most states accept land as collateral, and it does not have to have a structure on it. With this option, you use the value of the land as the bail money. You are securing the bail amount with the value of the property.

However, it is important to note that in some states you cannot use property that is not already paid for in full. This means that if you still make monthly payments to a bank, then the courts may not allow you to use this as a means of paying for someone's bail amount.

Surety Bond

Another collateral option is a surety bond. Now, on the surface this can seem a little confusing. However, once you know the basic principles of a surety bond, it will be easier to understand.

With a surety bond, there are three different parties involved. One party is the person you are bailing out and the second one is the judicial system. The third party involved is the bondsman that pays the bail and insures the courts that individual will show up to the appointed court date.

The money the bondsman uses is your collateral. It is their money on the line and you agree to pay them back if the individual fails to appear at court.

Depending on the state you live in, the fee that the bondsman charges can range from a small percentage to a larger fee. You also need to be aware that this fee is non-refundable, even if the person shows up to all of their court dates.

One benefit of using this method is that the bondsman can make the bail process easier to understand. They will explain their payment amounts and walk you through the entire bail-out process from filing the paperwork to getting the person out of jail.

These are some of the more common collateral methods for bailing someone out of jail. Before you make a decision, it is best to know your options and choose the right one for your personal situation. Contact a professional business, like All Night & Day Bailbonds, for more information.


1 July 2015

the pros and cons of different types of loans

I really wanted to buy a golf cart to use to get back and forth from the bus stop and my sister's house. What I didn't realize when I first started looking at golf cars is how expensive they can be. That was when I began looking into financing options. I had to decide whether to use the financing services through the golf cart sales place, or to go around them and find a loan on my own. I took my time to learn the pros and cons of each type of loan that I was considering. Scroll through my site to find the pros and cons of different types of loans.