After an arrest, you or your loved ones have the opportunity to free a person from serving jail time by posting bail. When you get a bail bond, you’re usually expected to pay 10% of what the bail actually is or offer something up as collateral. As bail is usually posted on short notice, some people can’t afford to pay the 10% which is why collateral is an option. The collateral must be of equal value to the bail. The option that usually comes to people’s minds when they think of collateral is their house. A piece of real estate is an option but you don’t want to end up homeless if the person you’re bailing out doesn’t show up in court. Here are some other less risky options that work as collateral.
Any Kind of Vehicle
Most people have a form of transportation that they use to get around. A car or motorcycle can be used as collateral. If you don’t want to give away your main vehicle that gets you from place to place, you can use an RV, boat, trailer, camper, ATV, or even snowmobiles. This way, if you need to forfeit a vehicle, it will be one used for leisure and not one of necessity.
Jewelry or Other Precious Metals
There are people who own large amounts or silver, gold, or others precious metals and they can use them if they ever need to bail someone out of jail. A collection of valuable metals isn’t the only way to get people out of jail, if you own any jewelry that contains diamonds, ruby, or sapphires then you can use it as collateral. While they may not be enough collateral on their own, they’ll help with lessening how much more you need to put at stake.
Investments and Savings
If you have anything in a saving account, you can offer it up as collateral for a bail bond. It may seem scary to put the savings you worked so hard in a position to be taken away but that’s why you make sure the person you’re bailing out is trustworthy. Besides your savings, you can offer up any investments you may have. Investments can include bonds, stocks, or certificates of deposit.
There are a few other things that can be offered as collateral; any pawnable item will do the trick as well. The key is to remember you have other options besides raising 10% of the money or putting your house at risk. If the person is really worth bailing out of jail, then they’re worth the risk of forfeiting a few valuable items.