Do I Need Anything For Collateral
“Your loved one has the option to get a Colorado Springs bail bonds service provider if you are in jail. Once they call the Colorado bail bonds service provider, the bail bondsman will let you know what the premium amount is. Depending on the amount of the bond and if you have missed courts previously, your loved one may also need to provide collateral to secure the bond in case the defendant misses court.”
What Is A Premium?
During the process of getting you released from jail, your loved one will need to pay a premium if utilizing the services of a bail bondsman. Usually this is 10-15% of the total cost of the bond. In the State of Colorado, this can not exceed 15%. This money is what is owed to the Colorado 24 hour bail bonds service provider for securing your release. Premium is not refunded and is what you pay the Colorado bail bondsman for their services of getting the defendant released from jail.
Types of Collateral
Collateral is needed to secure the bond and your bondsman can let you know if it is required. Collateral is not mandatory in the State of Colorado and is dependent on your specific bail bondsman requirements. Collateral can be items that are worth money to equal that of the amount of the bond. There are different types of collateral that can be used, and your loved one can offer more than one type of collateral. If collateral is offered, however, it is important to note that your loved one can only get those items back after you go to court and get a final disposition. Once you get a final disposition, the court will give you a bond release This bond release needs to be given to the Colorado Springs bail bonds service provider and they will release your loved ones property within 35 days, unless your loved one used cash Cash collateral will be returned within 14 days.. There are different types of collateral. But the most commonly used items for collateral are vehicles, real estate, precious metals or jewelry, savings, or pawnable items. Cash can also be used, and is held in a special trust account and can be returned once the defendant receives a final disposition.
Most people own a vehicle. This is perhaps why they are used quite frequently as collateral. The types of vehicles that can be used are cars, trucks, SUV’s, motorcycles, motor homes, ATV’s and Snowmobiles. The important thing worth noting on your vehicle, is it must be paid in full. In addition, whomever the titles name is in must be the one signing the paperwork to pledge the collateral.
There are different types of real estate that can be used to secure a bond, including buildings, land, homes, or natural resources that are found on your land. Your loved one has to own it to be able to use it as collateral, or have built up enough equity in the property.
Precious Metals or Jewelry
Though most precious metals or jewelry will need to be assessed for worth, the types that can be used to secure a bond include holdings of gold or other precious metals with cash value, jewelry that contain precious metals, or valuable stones such as diamonds or rubies.
Your loved one may have a savings account or some investments that can be given for collateral. Types of investments include stocks, bonds or CDs.
There are quite a bit of items that can be pawned for cash. The condition of the item your loved one wants to pawn is the key to being able to get a good value for the bond. These items can include laptops, televisions, gaming consoles, games, and anything else of value.
Though there are plenty of options to choose from, know that your loved ones don’t have to choose just one. They can offer multiple types of collateral. Any type of collateral that is put down for a bond will become tied to the court proceedings and it will be up to you to go to all of your court hearings until your final disposition to get your bond release and give your loved one back their property.
If you have questions or need help getting someone out of jail, call Angels and Outlaws bail bonds at (719) 696-9088 or go to our website at www.angelsoutlawsbb.com.