Those unfamiliar with the justice system may not know about getting arrested and arraigned in court. Getting arrested and charged with a crime can be a very settling experience. For most people in such situations, getting released from custody or jail is the top priority. However, they may not know how to go about it. Bail bonds are a popular option if you don’t have the money to pay for them upfront. For more on such, visit Connecticut-bailbonds.com for Connecticut DUI bail bonds service, click here.
Not everyone has the financial means to post bail as soon as they’ve been arrested. Bail bonds are a common option among the several available for arrested individuals to get out of jail. They’re also known as surety bonds. The basic idea is that a bail bond service can help people who’ve been arrested but cannot afford the bail set by the court. Usually, the bail bond service will require funds amounting to 10% of the bail set by the court. For instance, if the court sets bail at $50 000, you’ll have to front $5,000 to the bail bond people if you wish to use their services. Sometimes, though, 10% of the bail amount is still too much for the arrested individual to afford. In that case, they can contact a relative or friend to help them collate some assets to act as collateral for the bail bonds. These include:
- Real Estate
A house, building, or any property like a piece of land is usually precious as it is an appreciating asset. Of course, owning any of these things means that a person has a title deed that certifies them as the legal owners. If you can’t afford to post bail and decide to use the services of bail bond agents, you’ll need to give legal authority to the bond agent to hold your property as insurance. A deed of trust will be filed to certify this process, after which a lien will be placed on the property. If you’re still paying the mortgage on your house, its equity (its value in cash) needs to be equal to or greater than the set bail amount.
You can use them as collateral to post bail if you own a car, a motorcycle, a boat, an all-terrain vehicle (ATV), jet skis, or any such item. The bail bond company will take possession of the title to these vehicles and post bail on your behalf. If you default on your bail or fail to make the required court appearance, they can sell these assets to recoup their money.
- Stocks, Bonds, and Other Such Financial Instruments
Many people can now invest in all sorts of companies and ventures. For example, investing in the future of a specific product or betting that a particular commodity will appreciate can be very lucrative. Therefore, these financial instruments, including stocks and bonds, can be used to post bail. The bail bond company takes temporary ownership of them to guarantee that you’ll pay them and make your court appearance.
- Jewelry and Other Valuables
Pieces of jewelry like wedding rings, bracelets, necklaces, precious stones like cut diamonds, and other commodities have a significant monetary value. They can be used as collateral to post bail by temporarily entrusting them to a bail bond company. Artwork, memorabilia like valuable sports jerseys, and baseball cards can also be collateral.
In jurisdictions where gun ownership is legal, an individual can amass an arsenal of them. These can include handguns and rifles. A vast collection can be worth tens of thousands of dollars. If you can’t post bail immediately, you can give this to the bail bond company as collateral while looking for alternative ways to raise the bail money.
- Electronics and Other Valuable Household Equipment
Electronics like high-power computers, video games, large television sets, or smartwatches can act as collateral. If you’ve got expensive household items like expensive bureaus or sofa sets, these can also be taken by the bail bond agents as collateral while you figure out a way to make the required payments.
Ultimately, it may temporarily give up ownership of some of your property if you can’t put together enough cash to bail yourself out of jail. As long as you have any of the valuable items or commodities listed above, they can come in handy when you need to post bail.