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Common Items Used as Bail Bond Collateral

Common Items Used as Bail Bond Collateral

Common Items Used as Bail Bond Collateral

When you call a bail bondsman in Orlando, like Mike Snapp Bail Bonds, then you can expect to put up collateral equal to the amount of money that the agency puts up to bond you out. In the heat of the moment, many people have trouble coming up with items that will work as collateral. Here are some suggestions that you might consider.

Cash

Bail bondsmen love to see cash used as collateral. While they can keep amounts up to $5,000 in cash, they must open an account if you give them more than that amount. They are required to provide you with receipts showing you where they deposited the money. Additionally, if the deposited money draws interest, then you get to keep the interest earned on your money.

Home

If you or a loved one is willing to put up the value of their home, then it can be used as collateral. The amount of equity in your home must be larger than the amount of the bond. That way, if you decide to not appear in court, the bondsman can work with the court and your lender to sell the home and recoup the money they put up for your bond.

Vehicles

If you have the title to your vehicle, then it can often be used as collateral. Depending on the bail company, you may find some who will take the car directly. Other times, you may need to go take out a loan against the car’s value and be able to make those payments. You may not be able to get as much as you would like for your car because its use as collateral will depend on its trade-in value.

Jewelry

Some agencies will take jewelry as collateral as long as you can prove the value of the item. After all, bail bondsmen in Orlando are normally not experts on jewelry. It is often a better idea to take the jewelry to a pawn shop and pawn it, then bring the cash to your bondsmen. Another reason that many are hesitant to take it is that the bondsmen must provide security for the jewelry while it is in their procession.

Credit Cards

Sometimes, credit cards can be taken as collateral. First, maxing out your credit cards may provide enough cash to secure your bail. Secondly, some bail bondsman may be willing to take the credit card and let you make preauthorized payments over time.

You may be able to come up with the collateral that you need to post bond regardless of the amount. Think through these items and give Mike Snapp Bail Bonds a call at (407) 246-0919. These bail bondsmen in Orlando are easy to work with to get you out of a jam. Call them as soon as you find yourself in trouble as they work 24/7.