It is common for many people to use collateral to secure a bail bond. Using collateral can be risky if the individual does skip out on bail. It is important for the person obtaining bail to understand precisely what they could lose. Here are some of the common types of collateral being used for bail bond transactions:
If you own real estate, you are in luck. Real estate is the most common type of collateral used because it has a higher value than most other items. A lien is placed on the property and will remain until the bail bond is complete.
Many people use cash to secure a bail bond. Cash is easy to use, and easier for many people to obtain. Cashier’s checks are also used when obtaining a cash bail bond.
Brokerage Account (not a retirement account)
If you have a personal investment account that includes stocks, bonds and other investments. The existing investments can be used as collateral for a bail bond. The IRS does not allow retirement accounts to be used to pay for bail bonds.
Certain personal property can be used to secure a bond. Automobiles, jewelry, and other valuable personal effects are considered for bail bonds.
When a bail bond is issued, there are certain elements that are always considered including:
- How long has the defendant lived in the area?
- Does the defendant have children? Are they married? Do they have other family in the area?
- What is the criminal history of the defendant?
- Is the defendant employed?
- Is the defendant originally from a different country?
Contact AAA Bail Bonds to discuss collateral options for bail bonds in Ogden.