What Can Be Used as Collateral?

If you need to post bail for yourself or a loved one, you will need to come up with cash or something of value, known as collateral, to secure release from jail. What if you don’t have a large savings account? What kinds of items qualify as collateral when you need affordable bail bonds williamsport pa?

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Cars and Recreational Vehicles

The most common type of collateral is some type of vehicle, and the greater its value, the more useful it is as collateral. For example, a classic Corvette in excellent condition is worth more than a fifteen-year-old Malibu. Cars aren’t the only vehicles with value, however. ATVs, motorcycles, boats and campers are all acceptable as collateral for bail bonds.

Houses and Condos

Real estate is another common form of collateral. If you own your house or condominium, you can put its value up as security. In some cases, even if you haven’t completely paid the mortgage off, you can use the equity you have built.

Gold, Silver, Gems

Precious metals and jewelry are another way to secure release from jail when awaiting trial. Rings, necklaces, brooches and other items can be used after their authenticity and value have been determined. The answer to the problem might be sitting in your jewelry box.

Stocks and Bonds

Financial investments can also be used as collateral. Savings accounts, certificates of deposit and many kinds of bonds are accepted by bail bonding companies.

Collectibles

Anything that you could take to a pawn shop and receive money for can often be used to secure a bail bond. This includes electronics such as computers, televisions and gaming systems, as well as musical instruments, power tools or sports equipment.

When you need to put up collateral for a bail bond, you can combine the types of items to come to the full amount. Keep in mind that your collateral will be forfeited if all of the conditions of the bail are not met, so make your choice carefully and do everything in your power to ensure that the person out on bail follows through.