Life can be full of surprises for you and for members of your family. However, when one of your family members or a close friend gets into legal difficulties and needs their bond paid to get out of jail, you may need to pay for a bail bondsman to help you out. Here are some recommendations for you to find the financial means to pay for a bail bondsman and cover the bail.
Look for a Valuable Asset
One of the first ways to cover bail for an individual is to put up collateral to the bail bondsman. In order to hire a bondsman, you usually need to pay ten percent of the bail amount and the bondsman covers the rest. You can use collateral, such as a house, vehicle, RV, ATV, or boat as collateral against the loan to pay for the bail.
If you are not sure which assets you have to use as collateral, keep in mind you need to have an asset that has equity. Equity in an asset means you owe less on the lien or loan against the asset that its current value. For example, you own a boat that is worth $25,000 but your loan balance is $5,000, so you have approximately $20,000 in equity in the boat that you can use to cover a bail bond. The asset you use as collateral for the bond will need to be written over to the bail bondsman until the court date to ensure the individual whose bail you are paying does not skip their court date.
Consider a Pawn Shop
Another option to help you find the funds to pay for or cover a bail bondsman's services is to pawn some items you may own that have value but are not a physical asset such as a vehicle or home. This can include items, such as a firearm, jewelry, coins, or electronics.
Take the item to your local pawn shop to find out how much the pawn shop will pay you for pawning the item. You can sell the item to them outright and take the cash, or you can pawn it on consignment, which means you can buy it back at a later date by paying the pawn amount plus some interest.
Once you have your cash from the pawn shop, take it to a bail bonds agent and pay the bond fee. They will require you to sign a contract stating you are bailing out the individual in jail and you are taking responsibility for them until their court date. Keep in mind if the person misses their court date, you will likely forfeit your bail bond cash or equity.
To learn more about paying for bail bonds, contact local 24-hour bail bonds agents.
Share25 June 2019
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