Bail Bond Fees And Risking Your Collateral If You Miss Your Court Date

Posted on: 15 August 2019

There are benefits to working with a bail bond service when you are in jail facing charges. If your bail is set high enough, you might not have the money to get yourself out of jail. When you can't find a loan that is going to cover your bail amount, a bail bond service can get you out of jail fast. If you have a job, the faster you get out of jail, the faster you can keep working so that you don't get behind on your bills. You pay the bail bond fee and find collateral that will cover the rest of the bond.

Your Collateral for the Bail Bond

Collateral is anything of value that your bail bond company can sell if you forfeit your collateral by skipping out on your court date. People use cars, electronics, and expensive jewelry as collateral among many other items. The point of bail is to make sure you don't miss court. When you aren't there and you are nowhere to be found, the bail bond company loses the money they put up to secure your release. 

Paying for a Bail Bond

Your bail bond comes with a fee. For example, if your bail is set at $100,000 and the bail bond service requires 5% down, you will need $5,000 in cash to secure your release. You do not get this money back, as this is the fee you pay for doing business with a bail bond service. When you don't have the money to pay your bail but you can cover the fee, it is worth it to get out of jail while you wait for your trial.

Figuring Out Your Collateral

Collateral can be your own property or the property of friends and family. You can use valuable electronics, art, or even a house as collateral as long as there is no mortgage on the property. If you have a car, this can be used, but it can't have any payments left on it. Anything you own free and clear can be considered as potential collateral.

When you get to your court date on time, you aren't risking the collateral you have put up. If you have a family member who has signed over a house as collateral, it is vital you get to court so there are no issues for the family member who has trusted you.

For more information on bail bonds, see this website or another website like it.

Share

Money Management Tips for Parents

My wife and I both had very successful careers when we had our first child, so I never expected to struggle financially after we had her. Things were great for a while, although raising a child was a bit more expensive than we expected. Unfortunately, I ended up getting laid off from my job and that is when money got really tight for us. The silver lining was that we really saved on child care expenses while I was laid off. While I am finally now working again, raising a child on one income was a struggle and we learned many budgeting and money management tips and tricks along the way that helped keep us afloat financially. I decided to create a blog to share those tips with other parents in similar tough situations. I hope I can help you end your financial struggle!

Archive

Latest Posts