Risks Associated With Using Collateral To Bail Someone Out Of Jail
One way to bail someone out of jail is to use a bail bonds company and to use collateral to secure the bail bond. This is a form of property that is used to secure the bond. If the individual you are bailing out of jail does not show up to court, you may forfeit the collateral and you may owe additional fees. Therefore, you will want to carefully choose the form of collateral you use.
Your house is likely to be the most valuable possession you own. If you have already paid off your home and do not have a mortgage, you may be able to offer up your home as collateral. However, this may be a bad option if you believe that there is a chance that your loved one will not show up for court. You may also not want the stress of knowing that you might lose your home.
If you have the deed to land, you may be able to offer it as collateral for the bail bond. However, using a deed to your land can be just as bad as offering up your home unless you are not living on the land. Then, you may simply be sacrificing an investment if your loved one does not show up to court.
Cars, boats, and other types of vehicles are often used as collateral. If you use your car to commute to work, it may be a bad idea to risk using it as collateral unless you have no other options.
The jewelry you use for collateral will likely need to be appraised and must be quite valuable for you to be able to bail someone out of jail. You will want to make sure that the jewelry does not have sentimental value. For example, you might not want to use your wedding ring as collateral.
Consider the Flight Risk
The nature of the crime is one factor that can determine a flight risk. If your loved one is facing serious time, they might be more willing to flee. However, if your loved one has a full-time job or strong family ties, these are indicators that they may be less likely to flee.
However, you will know your loved one better than anyone else, and you may be able to sense whether you believe they will flee after being bailed out of jail.