If a friend or family member has called you asking for help with bail, you may find that you don't have the cash to pay for it on your own. That is why many people use a bail bonds company to get the cash they need fir someone to be released from jail. It is common for a bondsman to require something as collateral, which is property that can be taken if your friend or family member violates the terms of their bail. Here are some valuable things that you can use for collateral to pay for bail.
A fur coat can be worth a lot of money, which is why it could be used as collateral for a bail bond. The one hurdle you may run into with using a fur coat is proving that it is real. It will help if you have the receipt that came with the fur, or some sort of certificate that proves it is authentic. If not, you may not be able to use the fur coat as collateral and will need to find something else.
One expensive item that most people have is jewelry. It may be a wedding ring, or just a nice item that has been passed down from a family member. Once again, you'll need to prove how much the jewelry is worth for it to be used as collateral. Thankfully, you don't need the original receipt, since you can have jewelry appraised to determine its value. This will prove that the jewelry is authentic and worth a specific dollar amount, which will allow it to be used as collateral.
Be sure to check with the bondsman first before you get your appraisal, since they may have a specific appraiser that they work with.
Vehicles are another valuable item that you can use for collateral. You do not need to use your primary vehicle, since even recreational vehicles will be accepted. This includes a boat, RV, or even an off road vehicle that is worth enough money to cover the bail bond.
The one catch is that you need to completely own the vehicle. If you have an existing loan that is not completely paid off, the vehicle won't be considered acceptable collateral. In addition, the vehicle will likely only be worth the Blue Book value, not what you paid for it.
If you do not have any of these things, ask your bondsman about what else could be used for collateral.Share