I spent my 20s mismanaging my money, and came to regret all of those impulse purchases placed on credit cards when my credit score plummeted due to missing a few payments. I didn't learn how much this would affect my life until I was denied for both an auto loan and mortgage in the same year due to my bad credit score. I spent the next few years cleaning up my credit report and putting every extra penny I had toward old debts. Having to put my impulse spending on halt was difficult at first, but it was a great learning experience and I now realize how rewarding saving and investing money really can be. I have put a lot of research into good money management techniques, so I decided to start a blog to share what I have learned with anyone who needs help!
Going to jail doesn't have to be the end of the world if you have an opportunity to get out on bail. Securing bail will allow you to go home to your family and plan your defense in a much better environment than the inside of a jail cell. To secure bail though, you may be expected to put up some money or another form of collateral. Here are some tips for putting up collateral if you want to make sure you can get out of jail.
Going Beyond Cash
First, let's talk about your options for collateral beyond cash. A common form of collateral is real estate that you own and another might be your vehicle. The court is going to want to see a significant asset and it's also important that you can prove the value of the asset in order to demonstrate that the asset is worth the same or more than the amount needed for bail.
Beyond real estate and cars, it's possible you could put up something else for bail, like expensive jewelry, but the court will have discretion in deciding what qualifies for collateral in your case.
Know the Value of the Collateral
If you are going to put up something besides cash, make sure you know the full value of what you are offering and be sure that you can prove this value to the court. Real estate and cars are relatively easy because a market value can be fairly easy to find when it comes to these types of things. If you are going to put up other collateral like the jewelry mentioned before, an appraisal might be necessary.
Be Sure You Have the Rights to Pledge It
You can't put something up for collateral if you don't own the rights to it. You may need to provide some type of documentation demonstrating that the property is your own. You will also need to make sure that no other party has any rights or claim to the property you are putting up. If you don't own your car outright, for example, it might be more difficult to use it as collateral because the auto loan financing company still has a claim to it.
Don't Pledge Something You Can't Lose
No matter how bad things get, don't put anything up for collateral that you would be devastated to lose. This time in your life will pass but there might be some things with sentimental value to you that can't be easily replaced.
Use a Bail Bonds Services Expert
A bail bond service may accept certain items as collateral if the court will not. The court gets paid cash or gets an agreement that the bail bond company will cover your bail and then you can use the collateral to make it clear to the bail bond firm and the court that you are serious about sticking around and showing up on time for trial.
For more info, contact bail bonds services today.
Share10 May 2023
