How to Bail a Friend Out of Jail Without Losing Your Cool

Posted on July 17, 2024 by admin

Finding out that a close friend or loved one has been arrested can be both shocking and overwhelming. If you’ve never dealt with the legal system before, the process can feel even more daunting. Fortunately, understanding the key steps and knowing what to expect can make the entire experience less stressful. This guide will walk you through everything you need to know about bailing someone out of jail in Indiana, from the initial arrest to post-bail considerations.

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Understanding the Arrest and Bail Process

What Happens During an Arrest

When someone is arrested, they’re taken into police custody and transported to a local jail or detention center. The arrest process usually begins with booking, where personal information, fingerprints, and photographs are collected. The individual is then searched, and their belongings are seized and stored until their release. If a person is arrested while intoxicated, they will sit in the jail cell until they are deemed sober – usually 7 to 8 hours. Once they are approved sober by the jail staff, the booking process can begin. This is when you, as the friend, can begin the bail bond process.

Types of Bail

Bail serves as a financial guarantee that the arrested individual will appear in court for their scheduled hearings. There are different types of bail, including cash bail, surety bonds, and property bonds. Cash bail involves paying the full amount in cash, which is refunded after court appearances are completed. Surety bonds involve a third-party bail bondsman who guarantees the bail amount for a fee. Property bonds allow individuals to use property as collateral instead of cash.

Booking and Arraignment

After booking, the individual will have an arraignment, typically within 24 hours. During this hearing, charges are formally presented, and the judge will set bail based on the severity of the crime, the individual’s criminal history, and other factors. Understanding these steps will prepare you to act quickly when bailing out your friend or loved one.

Your Role as the Support System

Responsibilities of Bailing Someone Out

When you decide to bail someone out, you take on significant responsibilities. You’ll likely need to sign a bail bond agreement, or bail contract, which outlines your obligations as a co-signer. This may include ensuring the individual appears in court and adheres to all bail conditions. Failure to meet these conditions can result in bail forfeiture and financial liability.

Providing Emotional Support

Your friend or loved one will likely be experiencing a range of emotions, including fear, anxiety, and embarrassment. Offer them emotional support by being patient, listening to their concerns, and reassuring them that you’ll help them through this challenging time. Providing a supportive environment can significantly impact their emotional well-being.

Legal Support

While you’re not expected to be a legal expert, it’s crucial to understand the basics of the bail process and any specific legal requirements. You may also need to help your friend fi n d a competent attorney to represent them in court. Knowing their legal rights and options will empower you to make informed decisions.

Steps to Bail Your Friend or Loved One Out

Contacting a Bail Bondsman

Once bail is set, your first step should be contacting a reputable bail bondsman. They will guide you through the bail bond process and explain the associated fees. Researching and selecting a reliable bail bond company is essential, as they can expedite the release process.

Understanding the Costs

Bail bond fees typically range from 10% to 15% of the total bail amount. This fee is non-refundable, even if the individual appears in court as required. Additionally, some bail bondsmen may require collateral, such as property or valuable assets, to secure the bond. Be sure to read and understand the terms of the bail bond agreement before proceeding.

Signing the Necessary Paperwork

After agreeing to the terms, you’ll need to sign the bail bond agreement. This document outlines your responsibilities and the conditions of the bail. Ensure that you fully understand your requirements as a co-signer and ask questions if anything is unclear. Once the paperwork is complete, the bail bondsman will post bail, and your friend should be released shortly.

Post-Bail Considerations

Court Appearances

After being released on bail, your friend or loved one must attend all scheduled court appearances. Failure to do so can result in bail forfeiture and additional legal consequences. Keep track of court dates and ensure that your friend knows when and where they need to be.

Consequences of Failing to Meet Bail Conditions

If your friend fails to meet the bail conditions, you may be held financially responsible for the full bail amount. Additionally, the bail bondsman may seize any collateral you provided. It’s crucial to understand the implications of co-signer liability and take steps to ensure compliance with all bail conditions.

Supporting Your Friend Through the Legal Process

The legal process can be lengthy and complex. Continue offering support by helping your friend communicate with their attorney, stay organized, and meet court deadlines. Your ongoing assistance can make a significant difference in their ability to successfully navigate the legal system.

Conclusion

Bailing a friend or loved one out of jail is a serious responsibility that requires careful consideration and action. By understanding the arrest and bail process, providing emotional and legal support, and following the necessary steps, you can help ensure a smooth and successful outcome. Remember that your role as a support system is invaluable, and your efforts can make a profound impact on your friend’s life.

If you find yourself in this situation and need assistance, we’re here to help you every step of the way. Contact Woods Bail Bonds at 317-876-9600 for 24 hour bail bond services in Marion County you can trust. We also offer prearranged bail bond service for arrest warrants.

Getting Out of Jail With a Property Bond in Indiana: Everything You Need to Know

Posted on May 23, 2024 by admin

Navigating the legal system can be an overwhelming experience, especially when a loved one is incarcerated. One option for securing their release is through a property bond. In this blog post, we will explore the concept of a property bond, focusing on how it works in Indiana. Our aim is to provide valuable information for families and friends of the incarcerated, bail bond co-signers, or indemnitors, who may consider this route.

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What is a Property Bond?

A property bond is a type of bail bond that allows an accused person to be released from jail using real estate as collateral. Instead of paying cash, the equity in the property is used to secure the bond. If the defendant fails to appear in court, the property could be forfeited to the court. Property bonds can be an appealing option for those who may not have the liquidity to pay a cash bond but own valuable real estate.

Eligibility Criteria for Property Bonds in Indiana

Before pursuing a property bond, it’s crucial to understand the eligibility criteria in Indiana:

☑ Property Value: The value of the property must typically be equal to or greater than the bond amount set by the court. Courts usually require twice the value of the bail amount in equity.

☑ Ownership: The property must be owned outright or have sufficient equity to cover the bond amount. Any existing mortgages will be considered in assessing the property’s value.

☑ Documentation: You’ll need to provide proper documentation, including a title deed, mortgage statement, and a property appraisal.

☑ Court Approval: The court must agree to accept the property as collateral. This often involves a detailed review of the property’s value and any encumbrances.

How to Obtain a Property Bond: Step-by-Step

Navigating the process of obtaining a property bond can be complex. Here’s a step-by-step guide to help you:

Step 1: Consult a Bail Bond Agent – The first step is to consult with a licensed Indiana bail bond agent who is experienced in dealing with property bonds. They can provide insights into the requirements and guide you through the process.

Step 2: Property Valuation – Have the property appraised to determine its current market value. This is crucial as the court will need to see that the property’s value covers the bail amount.

Step 3: Gather Documentation – Collect all necessary documents, including:

Title deed
Recent mortgage statement
Property tax bill
Appraisal report

Step 4: Submit the Application – Work with your bail bond agent to submit your application to the court, including all required documentation. The court will then review the application’s validity.

Step 5: Court Hearing – Attend the court hearing where a judge will evaluate the property and decide whether to approve the bond. Be prepared to answer questions about the property and its value.

Step 6: Post the Bond – Once approved, the property bond is posted, and the defendant can be released from jail. The property serves as collateral until all court appearances and legal obligations are fulfilled.

Responsibilities of a Co-Signer in a Property Bond Agreement

Co-signers play a crucial role in the property bond process. Here are some key responsibilities:

Legal Obligations: Co-signers are responsible for ensuring the defendant attends all scheduled court hearings. Failure to do so can result in the forfeiture of the property.
Financial Liability: If the property is forfeited, the co-signer could lose their real estate.
Communication: Maintain open lines of communication with the bail bond agent, the court, and the defendant to ensure all legal obligations are met.

Risks and Benefits of Using a Property Bond

Benefits

No Immediate Cash Deposit: Property bonds allow you to avoid paying a large sum of money upfront.
Utilizing Assets: You can leverage your real estate to secure the release of a loved one.
Potential Savings: Property bonds may save you money in the long run compared to high-interest bail bond loans.

Risks

Property Forfeiture: If the defendant fails to appear in court, you risk losing your property.
Complex Process: Obtaining a property bond can be time-consuming and requires thorough documentation.
Legal Obligations: The co-signer holds significant responsibility for ensuring the defendant meets all court requirements.

Closing Summary

Securing a property bond in Indiana can be a viable option for getting a loved one out of jail, provided you meet the eligibility criteria and understand the responsibilities involved. While the process can be complex, working with an experienced bail bond agent can significantly ease the burden.

If you’re considering a property bond or need professional advice, don’t hesitate to reach out to our trusted team. Contact Woods Bail Bonds at 317-876-9600 for speedy and secure bail bond service in Indianapolis and its surrounding counties. We also offer pre-arranged bail for arrest warrants.

Understanding Bail Bond Terminology: A Guide for Clients

Posted on April 26, 2023 by admin

Navigating the world of bail bonds can be a confusing and daunting task, especially for those who are unfamiliar with the terminology. From understanding what a bail bond is to determining how much it will cost you, there are many questions that need answers. To help make this process easier, here’s a guide on understanding common bail bond terms so that you can better manage your financial situation and ensure your loved one is released from jail as soon as possible.

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Bail Bond Glossary Terms You Need to Know

Taking on the responsibility of cosigning for a bail bond is not something that should be taken lightly. It is a legal and binding agreement, not to be entered into without serious thought. When you cosign, it means putting your name and reputation on the line as a show of support for the person being released. You are essentially becoming guarantor for their performance even if they break the rules of their release stipulated by the court as part of bail conditions. As such, it follows that you must do all due diligence when considering whether this is an arrangement that you wish to embark on in order to ensure you are making an informed decision appropriately. This includes having a basic understanding of common bail bond terminology.

Here are the most important bail bond glossary terms you need to know:

Bail Bondsman: A bail bondsman is a person who provides the financial guarantee for an individual to be released from jail. The bondsman will post the required bond amount, usually a percentage of the total bail amount, with the court in exchange for your loved one’s release.

Bail: This is the total amount of money required to be paid to the court in order for your loved one to be released from jail. The amount is typically set by a judge and will depend on the severity of the crime committed.

Premium: The premium is what you will be charged by the bondsman to cover their costs and services in providing surety for your loved one’s release. This typically amounts to about 10-15% of the total bail amount.

Surety Bond: A surety bond is an agreement between the person providing bail (you) and the bondsman that guarantees repayment if you are unable to meet certain obligations. It also binds both parties together until all requirements have been met.

Cash Bond: A cash bond is essentially an amount of money that can be paid in order to settle the charges and proceed outside of the criminal justice system. Usually, this involves money posted by either the accused or somebody else on their behalf. Ultimately, having a cash bond paid out will result in being able to leave jail as soon as administrative paperwork has been completed.

Collateral: In some cases, a collateral may be requested by the bondsman as added security that they may use if you or your loved one fails to meet certain requirements. Collateral may include money, real estate, jewelry, or other valuable items.

Indemnitor: An indemnitor is someone who agrees to be financially responsible for another party’s obligations or debts if they fail to pay. This person is usually a close relative or friend of the person in jail. This person would be you.

Talk to an Indianapolis Bail Bondsman to Learn More

These are just some of the common terms associated with bail bonds that you will likely come across during this process. Knowing these terms and understanding what they mean can make the entire experience much easier to navigate and manage, saving you time, money, and stress in the long run. If you’re ever unsure about anything related to bail bonds, don’t hesitate to reach out to your local bondsman for assistance. They will be able to provide clarity on any questions or concerns you have. Ultimately, having an understanding of basic bail bond terminology is an invaluable tool when it comes to managing your financial situation while also ensuring your loved one is released from jail as quickly and safely as possible.

Summary

This blog post was written to help educate those who are unfamiliar with bail bond terminology. It provides a brief overview of the key terms associated with the process, including bondsman, premium, collateral, bail, surety bond, and indemnitor. With this knowledge in hand, you’ll be better equipped to understand any conversations you have with your local bondsman or court officials. That way, you can ensure that your loved one is released from jail as soon as possible without having to worry about financial difficulties or potential legal ramifications down the line. We hope this guide has been helpful in providing some clarity around common bail bond terms!

Are you in need of quick and helpful emergency support to bail yourself or someone out of jail in Indiana? Contact Woods Bail Bonds at 317-876-9600 for fast and secure bail bond service in Indianapolis and its surrounding counties. We also offer pre-arranged bail for arrest warrants.

Steps to Take Before and After Obtaining a Bail Bond for Someone

Posted on June 9, 2022 by admin

Bail bonds are a remarkable asset, and privilege for that matter, for anyone who needs to surrender to an arrest warrant or bail someone out of jail. In order to reap the most benefits from bail bond services, it is important to know your responsibility in the process.

Continue reading to learn which steps to take before and after obtaining a bail bond, whether for yourself or for someone else.

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Bail Bonds and Alternative Options

As someone who needs to obtain a release from jail, you have more than one option to choose from. You can use a bail bond, which allows you to only pay a small percentage of the bond premium, or you can pay the jail directly, which would force you to pay the full bond premium in cash or collateral. Examples of collateral include real estate, bank accounts, vehicles, stocks, and any other liquid asset. Bail bond companies will also accept collateral as a form of payment for their services. Of course, you can skip both options and just stay in jail until your court hearing.

Do This BEFORE Contacting a Bail Bondsman

The first thing you want to do when preparing to bail yourself or someone else out of jail is gather all the necessary information you will need for the process. If you are preparing to surrender to an arrest warrant, you will need to review the arrest warrant documents to learn which county you are wanted in and the guidelines for turning yourself into authorities. If you are bailing someone else out of jail, your first duty is to find out where they are being detained and what charges.

If you know which jail the person is being detained at, it is recommended that you contact the jail and ask for the inmate’s booking number. If the person called you from jail, ask them to request their booking number from a jail staffer. If you have no way of knowing any of this information, do not worry; this is what bail bond companies do. They can gather all of this information for you, which is why bail bond services are one of the most convenient options for obtaining a release from jail.

While on the phone with the jail, ask how much the bail is set for. Again, a bail bondsman can get this information for you. If you have trouble with the task. If you have the bail amount, you can better calculate how much you will need to pay a bail bondsman for their services. Typically, the bondsman charge between 10% and 15% of the total bond premium.

For instance, if bail is set for $5000, a bail bondsman will charge a nonrefundable fee of $500 to $750 for their services. Bail bond fees are not refunded back once the defendant appears for court. If you choose to pay the jail directly, although you pay the entire bond premium upfront, you are refunded the money back, so long as the defendant appears for court as scheduled. This is known as a cash bond.

Before contacting a bail bondsman, all you really need to know is where the person is Once you have held or where you are wanted for an arrest warrant surrender. The location is really the most important piece of information to have for the bail bond agent.

Do This AFTER Getting a Bail Bond

Once you have hired a bail bondsman, you will be required to fill out a series of paperwork including a bail bond agreement, which is a legally binding contract. If you are bailing someone else out of jail, you will be responsible for paying back the remaining bond premium if that person does not appear for court. This is called bail jumping, and it is a moderately serious offense. So, using the using the example before, if you paid $500 for a bail bond to get someone out of jail, you will have to pay back the remaining $4500 if they skip their court appearance, known as bail forfeiture.

After you’ve filled out all of your paperwork. All you have to do is wait for the bail bondsman to do the job. This can take anywhere from 1 hour to 8 hours or more, depending on certain variables. For example, if the person you are bailing out of jail was arrested under the influence of alcohol, they will not be eligible for release until they are deemed sober, which is generally between 6 to 8 hours. A bail bondsman cannot get them out of jail sooner. It is recommended to just wait 6 to 8 hours before attempting to bail someone out of jail who was arrested while intoxicated. Other variables include the number of jail staff available, the current traffic at the jail, and the same variables within the court.

Are you looking for a trusted bail bond agency in Central Indiana who can help you get your loved one, out of jail or surrendered to an arrest warrant? Contact Woods Bail Bonds at 317-876-9600 for the fastest and friendliest bail bond services in Indianapolis, Indiana. Request a free estimate or information, anytime.

Here is What You Want to Know About Collateral Bail Bonds

Posted on April 20, 2022 by admin

When it comes to getting out of jail in Indianapolis, bail bond service is the best option for budget-minded folks. The alternative to bail bond service would be cash bonds, which required an individual to pay the full bail amount in cash directly to the jail. Now, there are pros and cons to using either option, but bail bond services are more popular simply because they are more reasonable. Most people cannot afford to give up large sums of cash at once, and bail bond services provide an alternative to doing that.

When it comes to paying for a bail bond, companies will accept different forms of payment depending on their personal preference and the state laws. One such bail bond payment option is collateral. A person, whether a co-signer for the bond or the actual defendant, can secure their bail bond agreement with an asset of equivalent value. This is known as collateral.

Continue reading to learn what you need to know about collateral bail bonds, including what makes good collateral and what does not, plus who to trust in Central Indiana for a fast and secure release from jail.

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Collateral for Bail Bonds

Using collateral for a bail bond means that you are fronting something of considerable financial value, like a home or car, that is equivalent to the bail bond amount. The bail bond agency will hold the asset as collateral to secure their own financial protection. The agency has a legal duty to ensure the full care and protection of collateral while in their possession.

When the defendant appears for their court date, as required in the bail bond contract, the collateral is returned. If the defendant fails to appear, they are deemed a fugitive of the law and the collateral they used for a bail bond is forever forfeited.

Basically, the collateral must be of equal value or more to the bail amount, and it is used to ensure that the defendant cooperates with all bail bond contractual obligations and court requirements. If the defendant flees, the bail bond agency is responsible for paying back the remaining bail amount. To do this, they liquidate the collateral the defendant legally fronted in the bail bond agreement.

Good Collateral Versus Bad Collateral

Bail bond companies differ in terms of which types of collateral they accept. Not only are they regulated by the state on such matters, but they also get to use a degree of their own personal discretion to decide what to accept or not accept as collateral. Additionally, there are good types of collateral and bad types of collateral to use for bail bonds.

For instance, it is not wise to use your house as collateral if you are still making mortgage payments on it. Similarly, you don’t want to use a car for collateral if you are leasing it or have not yet paid it off. That goes for anything you have purchased on credit or that a lender still owns the lien or title on.

Examples of good collateral for bail bonds would include things that are opposite of what was just described, like unfettered real estate that does not have any mortgages of liens, or high value assets like cars, boats, and motorcycles that are paid off in full. You can also use bank accounts, fine jewelry, computers, guns, and televisions.

Are you looking for help with bail bonds? Contact Woods Bail Bonds at 317-876-9600 for trusted, secure, and professional bail bond services in Indianapolis, Indiana. We serve all of Central Indiana and its surrounding counties with 24 hour service.

Which Payment Types are Accepted By Bail Bondsmen?

Posted on January 28, 2021 by admin

These days, there are literally hundreds of payment methods available, from innovative online methods like Apple Pay, Venmo, and PayPal, to standard types like cash, check, credit, debit, money wires, and money orders. But when it comes to paying for bail bond, you do not have as many options, and for good reason.

Continue reading to learn how you can pay for a bail bond in Indiana, and what you need to know to get started on your loved one’s release from jail right now. That’s right; you can get started now, no matter what time of day or night, and even if it’s a holiday.

What a Bail Bondsman Does For You

To understand why bail bond agents choose to accept the types of payment methods they do, it helps to learn what it is they actually do for you when you retain their services. A bail bondsman takes on a risk acting as a surety for your loved one’s jail release conditions. You see, a bail bondsman pays the entire bond amount upfront, and then after the defendant has satisfied all court appearances, the bail bondsman is refunded by the jails. You, as the client, only pay a fraction of the entire bond amount as the service charge for the bail bondsman’s effort.

For example, if your loved one’s bail is set at 10 thousand dollars, the bail bondsman will go to the jail and front this entire amount for your loved one’s release on bond. You pay a non-refundable fee calculated based on your loved one’s bail, which is a state-regulated percentage. Here in Indiana, bail bond companies are allowed to charge anywhere between 10% and 15% of the total bail amount. In the given example, you would owe something between 10% and 15% of $10,000, which would come out to be between $1,000 and $1,500. Again, this fee would be non-refundable. Now, so long as the defendant appears for all scheduled court hearings, and does not flee the state or break any terms and conditions of the bail bond agreement, the bail bondsman receives all of the money back from the jail. This is how they act as a surety, ensuring that the defendant appears for court and does not skip bail.

How to Pay a Bail Bondsman

Bail bondsmen do not take the usual forms of payment, but the classics are always accepted, such as cash and money order. It is very unlikely for a bail bondsman to accept credit card payments, unless you are doing a debit transaction, which processes the payment directly as cash. Since it is obvious that not everyone has thousands of dollars of cash available to hand over, and since some criminal charges have enormous local county bail bond schedules in the tens of thousands of dollars or more, bail bond companies do accept other, more reasonable forms of payment, such as collateral.

Collateral For Bail Bonds

Collateral is any form of asset, whether it’s cash, property, vehicles, or something else of equal value that is held onto by a person lending a service or product. There are numerous forms of collateral a client can offer in place of, or in addition to, cash. Most types of collateral are significant, tangible assets, such as real estate and motorized commodities. However, other possible forms of collateral accepted by bail bond companies may include investment bonds, bank accounts, stocks, personal credit, credit cards, jewelry, certified heirlooms, and although very rate, certified heirlooms or highly “pawnable” items.

Where to Get the Cheapest Bail Bonds in Indiana Right Now

Woods Bail Bonds is currently offering 8% bail bonds in Indiana! This rate is the lowest it has been in years, and is only available at our Indiana bail bond company! That means you only pay 8% of your total bond amount, rather than the standard 10 to 15% rates required across the state. In order to qualify for this low rate, you must meet certain criteria. Best of all, we serve over 33 Indiana counties with reliable, 24 hour bail bonds, even on National holidays. Call 317-876-9600 to talk to a friendly and knowledgeable Indiana bail bondsman to learn if you can qualify for 8% bail bonds in Indiana!

7 Common Types of Collateral Accepted By Bail Bond Companies

Posted on July 29, 2020 by admin

When you need to pay for a bail bond, you will be required to pay cash, unless you prefer to put up collateral in place of the monetary fee. This is a common scenario among those who are cash poor, or cannot give up their cash for reasons of covering their immediate bills and expenses. There are various forms of collateral, but only a select few that bail bondsmen will agree to take.

Continue reading to learn more about using collateral for bail, including the 7 common types accepted by bail bond companies in Indiana.

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The Truth About Bail Bond Collateral

Most bail bond companies prefer to avoid taking collateral for their services. This is one reason why they will only agree to accept specific types of collateral. When a person uses collateral for bail bond services, they are essentially agreeing to forfeit that collateral in the case that the defendant does not appear for their scheduled court hearings. Using collateral to cover a friend or loved one’s bail is a massive risk since you can lose your collateral if they do not show up for their court date, or skip bond. Unless you know the person very well, it is not recommended to do so. Talk to your local Indiana bail bondsman for alternatives to obtaining a release from jail for your friend. Or see our blog, “My Friend Was Just Arrested. What Happens Next?” to learn what you need to know about posting someone else’s bail.

Although the type of collateral accepted by bail bondsmen vary from company to company, and even state to state, the most common (other than cash) include the following 5:

➥ Personal Property – Bail bondsmen will accept certain types of high-value personal commodities as collateral for their services. Examples might include vehicles, boats, water crafts, construction equipment, farming equipment, coin and baseball card collections, and jewelry.

➥ Real Estate – Perhaps the most commonly used and accepted collateral in the bail bonds industry, other than cash that is, is property. Land and real estate are prime types of collateral that can be used to obtain a bail bond.

➥ Non-Retirement Brokerage Accounts – Although the IRS strictly forbids the use of retirement accounts as bail bond collateral, non-retirement brokerage accounts can be used. Personal investment accounts are a prime example, including stocks, bonds, and other investments that can be liquidated.

➥ Irrevocable Letter of Credit – An Irrevocable Letter of Credit (ILOC) is issued by a bank, but not typically to the average person. Such letters basically guarantee the conditions of the bail bond on behalf of the client.

➥ Credit Card – Although rare, some bail bond companies accept credit cards as collateral for their service. A hold is placed on the card until the defendant appears for all court dates and released from bond conditions.

Where to Get Collateral Bail Bond Services in Indianapolis, Indiana

Call Woods Bail Bonds at 317-876-9600 for safe and secure collateral bail bond services in Indianapolis, Indiana. We operate 24 hours a day, 7 days a week, and 365 days a year, which means we are always standing by to take your call. Whether 3am or a national holiday, our Indiana bail bondsmen are out there getting people like you out of jail, safely and securely.

Do I Need Collateral for a Bail Bond?

Posted on May 16, 2019 by admin

It can be quite a confusing time for anyone dealing with the need for a release from jail, whether for themselves or a loved one. Fortunately, our jail systems work closely with local bail bond agencies, giving inmates and others an opportunity to get out of jail and await their scheduled court hearing from home. With bail bond services, there is no need to miss work and be reprimanded or worse, fired, nor miss important familial responsibilities that require your attention. Best of all, bail bonds allow individuals to get their legal defense in order prior to their court dates, which increases their chances of avoiding the maximum penalties for their criminal charges.

But as mentioned, bail bonds, regardless of all their benefits, can also be quite confusing. A common inquiry surrounding the bail bond industry has to do with collateral. Many people are misguided on the terms and conditions of bail bonds, collateral, and financial liabilities.

Continue reading to learn what you need to know about bail bonds, including what collateral is and when you may need it for a release from jail.

Explanation of Collateral

Collateral simply refers to a person’s assets that can be translated into cash, and thus, adequate to secure a debt. A person will provide collateral in exchange for a service (such as a bail bond), and if they cannot cover the terms and conditions of the contract (a bail bond agreement), they will forfeit their collateral, and the service provider (a bail bond agent) will still be able to collect financial restitution for the value of the collateral. If the payee does meet the terms and conditions of the contract, the provider returns all collateral once the case is closed.

Types of Collateral

The most common types of collateral are real estate and vehicles, as well as, bank accounts, bonds, stock, cash, and more. The type of collateral put up by an individual is at their own discretion, and largely depends on how much debt they need to secure and what they are willing to lose if things go wrong.

Using Collateral for a Bail Bond

Most bail bond companies do not require collateral. Collateral is typically applied for high-profile or egregiously-expensive bonds. Rather than collateral, most individuals need to be employed, have reliable income or cash, and a good reputation within the community to be granted a bail bond. Not sure you can afford a bail bond? See our blog, “Your Options for Covering the Cost of a Bail Bond” to learn what you can do. Talk to a licensed and insured bail bond agent for trusted advice on paying for a bail bond in Indiana.

Need to Get Someone Out of Jail Today?

Call Woods Bail Bonds at 317-876-9600 for safe and secure Indianapolis bail bonds you can trust. We also offer prearranged bail bond services for those needing to surrender to an arrest warrant. In some cases, we can get you turned in and released in as little as one hour. And don’t forget that right now, we are offering 8% bail bonds! Request a free estimate or jail information, anytime.