07 Dec What Works as Bail Bonds Collateral?
If you have to pay a high bail before being released from jail it’s likely that you’ll need the help of Knoxville Bail Bonds. It’s also likely that you’ll need to use something as collateral to help you secure the bail bonds.
If you’re wondering what you can use as collateral for your bail bond, we have some suggestions.
We love it when clients offer jewelry as bail bond collateral. We don’t care what type of jewelry it is or what stones/metal it’s constructed of. The only thing we care about is that it’s valuable enough to be considered collateral.
Unfortunately, we can’t consider the sentimental attachment you have to a piece of jewelry when you want to use it as collateral for a bail bond. Before we can accept the ring, necklace, or bracelet, it must be properly appraised. Without the appraisal, it’s impossible for us to determine if your jewelry is an acceptable form of collateral.
Many of our clients are quick to ask if they can use their vehicle as collateral for their bail bond. The simple answer is yes.
There are some conditions that must be met before we can accept your vehicle as collateral. The first is that you have to be the person listed on the title. The second is that we can accept leased vehicles as collateral. If you have a recreational vehicle, such as a boat or camper, you can also use that as collateral to secure your bail bond.
We love it when people use real estate as collateral for a bail bond because it isn’t going to be moved to a place where we can’t find it nor do we have to worry about it potentially being stolen or abused while you’re out on bail.
If you plan on using real estate as collateral, you must prove that you have enough equity in the property that it will cover the amount of collateral that we require. You also can’t be leasing the property.
If you don’t own anything that you think would work as collateral for a bail bond, you should contact your friends and family members. If they’re willing to co-sign for you, we are willing to accept a form of collateral from them, providing the collateral they’re planning on using meets our requirements.