Finding The Right Loans

Tips For Using Collateral To Get Out Of Jail

19 March 2020

April George

One of the first things you might ask about after getting arrested is the bail amount. The bail is the amount you are required to pay to get out of jail, but this amount is often higher than a person can afford. If you cannot afford it at but you have assets that you are willing to hand over temporarily, you could use them for your release. If you are not sure how this works, here are several things to know.

You Only Need to Cover 10%

If you find out that your bail is $10,000, you do not need to come up with the full amount. You only need approximately 10% of the amount. In this case, you might need $1,000 cash to get out of jail. Coming up with $10,000 is not easy to do, but finding $1,000 might be feasible.

If you can come up with 10% of your bail, you can call a bail bond agent for help. Agents typically charge 10% of a bail amount to help a person get released from jail. If you pay this amount to the agent, the agent will probably agree to cover the rest of your costs. In this case, you may not need any collateral.

You Can Use Collateral to Cover the Fee

The 10% needed for your release is a fee that the bail bond agent. If you cannot pay this expense, the agent will ask you if you have any assets. For example, do you own a car and have the title to it? Do you have equity in your house? Do you have any stocks or mutual funds? Do you have valuable jewelry, electronics, or musical instruments?

If you have things like this and are willing to give them to the agent for the time being, the agent may agree to work with you on your case. The agent would take these items and hold on to them. The agent will then work out a deal with the court for your release.

You Can Only Get the Items Back If You Pay

Finding a way to use collateral to get out of jail is a common method, but you should know that you can only get your assets back if you settle with the agent. Settling means paying any money you owe the agent, such as the 10% you may owe them. When you pay these off and attend all your court hearings, the agent will have no problem giving your items back to you. Call an agent for more information on bail bonds.

Share  

Search