Common Types of Collateral You Can Use for Bail Bonds in Livonia

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Bail Bonds Sign

One of the ways to get bail bonds in Livonia that you might not be aware of is using collateral. Sometimes, you are so strapped for cash that you leave such emergency cases to chance.

But there is always help if you can offer any of the following forms of collateral to bail bond companies such as Mitchell Bail Bonds.

Property

If your house has no liens or outstanding liabilities on it, you can put it up as a guarantee for your loved one’s bail. If you find it difficult to determine the current value of your property, you can confirm its overall cost from the last bill you received from your mortgaging institution less the principal amount.

Vehicles

As is the case with real estate property, you also have to first confirm your car’s value before putting it up for collateral. It is until you have determined its trade-in value that you can transfer its legal ownership to your bail bond agent.

Cash

If you have a lower bail amount to cover, you can use cash as collateral. But, although most bail bond agents accept cash collateral, it is equally important you also note that not all can process it. It is, therefore, important you first confirm whether your agent can accept and process your cash collateral.

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Other forms of insurance you can use for bail bonds in Livonia include credit cards, guaranteed stocks and other investments, promissory notes, electronics, and jewelry.

Your bail bond agent will collect the collateral as insurance that your loved one will return to court. Once the case ends and you have paid off all financial obligations, irrespective of whether the court determined that your loved one is innocent or guilty, the bail bond agent will return the collateral.