If a friend or a family member has been arrested, securing their immediate release is definitely your priority. Getting released allows defendants to continue to work, fulfill their obligations, and have enough time to prepare for their case. Unless you have the ability to pay the whole bail amount, you might need to call bail bonds instead to help your loved one.
Typically, you will only need to pay a premium which is about 10 to 15% of the bail amount. However, for many families, this percentage can be a lot of money. Luckily, there’s another option if you do not have sufficient cash. This option is called a collateral bond where you can secure a bond with some form of property other than cash.
The items used for collateral will be returned so long as the defendant adheres to the order and conditions set by the court. Otherwise, the items will be forfeited. Collateral items can be returned anywhere from a few weeks or even years. After all, you have to keep in mind that the court needs to return the bail fee to the bail bond company first.
Here are five common collateral items that can be used for bail bonds in Colorado.
If you own any form of real estate such as a business establishment, a piece of land, or your home, you can use it as collateral to post a bail bond. If you don’t own a real estate property, you can still use this collateral option if you have friends or family who can offer their real estate holdings to be used as collateral.
Savings and Investments
There are instances where you have cash resources but they are tied up either in a savings account, stocks, bonds, or investments. These assets can be used as collateral. Before handing over your hard-earned savings and investments, make sure that you contact a legit hotline bail bonds company. There are scammers and imposters who will try to get your money.
If you have precious metals and jewelry such as gold and silver that have an equivalent significant cash value, you can use it as collateral too. Valuable stones such as emerald, diamond, or ruby are also acceptable. If you contact a hotline bail bonds company, they will first assess the market value of the item so they can determine their worth as collateral.
Any kind of valuable vehicle can also be used as collateral to secure a bond. This includes trailers, RV’s, campers, ATV’s, and more. You will be allowed to continue using the vehicle so long as the defendant appears in all court-mandated appearances. If not, the vehicle used as collateral will be forfeited.
There are also unusual items that can be used as collateral that does not fit in any of the categories mentioned above. This includes pawnable items like computers, antique items, gaming gadgets, and even firearms. Make sure to call bail bonds as soon as possible so they can verify the market value of the items.
Contact Lucero’s Bail Bonds to get a friend or family out of jail fast.