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Collateral: What it is and How to Use it

Last updated 6 years ago

We all run into some trouble every once in a while, especially in a wild city like Las Vegas. But when someone you know is in jail and needs help, you may feel lost and not sure of what to do. The first thing to look for is a bail bondsman to help you get your loved one out of a jail cell and back safely at home.

 

Bailing someone out of jail usually costs a great deal—typically running into the ten or even hundred thousands. Most people cannot afford to pay this much, but they don’t want to leave their loved ones behind cell bars either. Jail bail bonds companies are available to pay most of the cost, leaving you to pay only a small percentage. The bail money is returned to the bail bondsman after all of the scheduled court dates. They also typically require fees for their services.

 

When your bail bondsman is unsure of the case they’re handling, then they may ask you for collateral. This usually happens because the bail bondsman worries that the defendant will not show up for their scheduled court dates. If the defendant does not show up, they’re “jumping bail” and the court will not repay the bail money. This means the bail bondsman loses out on a large sum.

 

To prevent this, many bail companies ask for collateral. This can be nearly any valuable item or collection of items that holds around the same value as the cost the of bail bond. If the defendant jumps bail, then the bail bondsman will be able to sell the collateral in order to recover their losses.

 

Talk to your bail bondsman to learn about different options. It’s important to help your loved one, but you don’t want to end up losing your home. The team here at Vegas Bail is highly trained in affordable bail bonds and can help get your loved one out of jail. We also offer 24 hour bail bonds because you never know when something might happen. Contact us to learn more.

 

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