Aurora Bail Bonds

Using Collateral to Cover Aurora Bail Bond

Not every arrested individual affords to post bail when required. Depending on the reason for the arrest, the bail bond can be expensive and may require a significant amount of money upfront. However, bail bonds services make it more accessible to everyone, irrespective of income or social status.

The bail bond agency usually requires a written agreement signed by the arrested individual assuring the defendant’s appearance in court whenever there is a hearing. The companies charge a premium in exchange for agreeing to pay the entire bond amount. This amount is decided as a percentage of the total amount. Legally, the bail bondsmen are allowed to take 10 percent of the total bond amount.

So, what can you do to secure a bond if you don’t have the cash on hand to pay the premium? The answer is to use collateral!

What is collateral?

Collateral is a kind of security deposit that the bond applicant needs to provide the bail bonding agency in order to gain approval for the bond. The objective of the collateral is to avoid the surety’s exposure and to support the bond, as an assurance that the bond applicant will make all of the court dates and fulfill all of the legal obligations.

Forms of Collateral!

Typically, investment securities and assets including cash, expensive items, and documents of title can be utilized for offering required security. However, the kind of securities acceptable by bail bond agencies often varies. For example, the provided kind of asset may be accepted by a bail bondsman, while another agency may refuse to accept that as collateral.

While working with a bail bondsman, if you want to use collateral instead of cash, it will be up to the bondsman to determine what is acceptable as collateral. In general situations, the bondsman accepts something that has a value at least 150 percent of the total value of the bond. The reason is simple, that if the individual skips bail, the bondsman in the future can sell the item put up as collateral to cover the lost bond.

The items you can present as collateral again depend on the bond agent. The most common financial item to be used as collateral include property (such as residential or commercial), jewelry, or recreational vehicles. For these items, the agency will ask you to place the deed in their trust. This will not give the agency ownership but allow them to gain ownership of the items if the bond agreement is broken.

For smaller or physical items like jewelry, art, or collectibles, the bondsman will ask to keep the items until the court case comes to a conclusion.

Relying on collateral to cover the bail bond costs can be hugely beneficial, to anyone who needs assistance but cannot afford to pay a premium. To discuss the services and different options of payments, contact a well-reputed and experienced bail bond agency. Owing to the nature of the industry, the bail bond agencies operate round-the-clock to provide legal assistance to their clients.

Connect with PDQ Bail Bond experts to get your freedom fast with Aurora bail bonds.