When an arrest takes place, some charges require that a judge sets bail before the accused can be freed from jail. If the arrestee does not have enough cash on hand to post the set amount—but can provide enough collateral to protect the investment—a bail bond agency can often provide the necessary funds. Below is a breakdown of how this process works and what can be used as collateral.
What Is a Bail Bond?
Bail is a monetary guarantee that you will appear in court at a later date. Once you have appeared as ordered, the posted amount is returned to you. However, if you don't have the necessary funds available, you could be forced to remain in custody until the proceedings are concluded. A bail bond company will often front you the money you need to get out of jail for a fee—usually 10% to 15% of the bail amount. This percentage could still amount to thousands or even tens of thousands of dollars, so most bail bond companies accept goods and property as collateral.
What Can You Use as Collateral?
If you make all necessary repayments, the bondsman must relinquish all claims on your property. However, if you fail to pay the 10% fee as agreed, the collateral property can be legally seized to cover the debt. Common collateral property includes real estate, motor vehicles, recreational vehicles, jewelry, and items that can be easily converted into cash, such as computers, electronics equipment, coins, collectibles, or even fur coats. Note that the value of the property must usually exceed the fee amount by a considerable margin to ensure the security of the loan.
If you, a friend, or a family member should be taken into custody, there are a number of items you can use as collateral for a bail bond. If the situation arises, contact Bob Shropshire Bail Bonds in Cincinnati, OH. Family-owned and -operated for four generations, they offer affordable bonds, SR-22s, and insurance coverage to clients throughout the Tri-state area. Visit their website for office hours and directions or call (513) 721-3915 for 24/7 bail bond service.