Three Reasons Why You Should Use Cash Instead Of Collateral When Hiring A Bail Bondsperson
Posted on: 2 June 2016
If you are suddenly faced with having to rescue a family member from jail by using the services of a bail bondsperson, there are some things you should know first. First of all, you can secure bail bonds with cash or with collateral, such as an expensive car or your house. If you want to use collateral to secure a bail bond, you will sign a document attesting to the fact that you are using an item of value as the downpayment for the bail bond and the bail bondsperson's services. However, there are three reasons why you should reconsider this option and try to raise enough cash to give the bail bondsperson instead.
1. If Your Family Member Jumps Bail, You Are Homeless or Without Transportation
No one likes to think that when they post bail for a family member that family member is going to jump bail and leave them high and dry. But if you used your house for collateral and your family member does not show up to court and cannot be found, you are essentially homeless because the bail bondsperson gets your house. If you used your vehicle, then you are now without a vehicle because it becomes property of the bail bondsperson. However, if you gave the bail bondsperson cash, you may be out the cash, but you will still have your home and your car.
2. Most Bail Bondspersons Prefer Cash
Most bail bondspersons prefer cash. It is "liquid" currency, meaning that if he or she gets a bail jumper, the bondsperson gets the cash and can bank it, earn interest on it, and eventually spend it to pay business expenses and personal costs. When they receive several cars, trucks and houses or property as collateral instead, the bail bondsperson has to wait a certain amount of time, with no cash, before he or she can sell the property and make money. While all of the extra property and possessions may make the bondsperson property-rich, it makes them money-poor. (For this reason, many bail bondspersons will only take cash payments now.)
3. If You Had to Borrow the Cash to Pay the Bail Bondsperson, You Could Get It Back
On the flip side, if your family member is responsible and stays put until after the court hearing or trial, then any money you raised or borrowed to get him/her out on bail you can get back. The bail bondsperson would take a cut for his/her services, but the rest would be returned to you, and you could give it back to the people from whom you borrowed it. If you raised the money by selling innumerable items of value, or pawning such items, you could reclaim most of those items when the bail money is returned to you, or buy replacement items.
For more information and options, talk with a bail bonds company, such as Absolute Bail Bonds, directly.
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