When you seek the help of a bail bond agent, you could be asked for collateral. What bail bond collateral means to you depends on a variety of factors, including the type of bond that applies in your case.
Types of Bail Bonds
First of all, let’s go over the three types of bail bonds that are possible in Michigan: a cash bond, a 10 percent bond and a surety bond.
• A cash bond is a money guarantee that the defendant will return to court when required. When a cash bond is set, the defendant must pay the full bail amount to the court before being released from jail.
• In a 10-percent bond, the court will accept payment of 10 percent of the full bail amount as a guarantee that the defendant will appear as required. If the defendant does not appear, the court will require payment of the remaining 90 percent.
• A surety bond is a promise made by an approved bondsman that the defendant will appear at hearings. A bondsman must prove to the court that he or she is able to pay the full bail amount if the defendant does not appear as required.
In some cases, a defendant will be allowed to leave with only a written promise that they will return for court dates. This is known as personal recognizance.
What Bail Bond Collateral Means to You
Collateral is property that is submitted by the indemnitor/co-signer in place of or in addition to bail money. The purpose is to protect the interests of the bail bond agency. What bail bond collateral means to you could be items such as a title or deed to a home or a vehicle title. Think of it as a form of credit.
If you are offering something such as your house or other large item, the court or bail agent will typically have you place the deed or pink slip in their trust, as stated on AboutBail.com. If it’s a smaller item such as jewelry, the item itself may be taken. As long as the defendant appears at hearings as required, collateral will be returned when the case is completed.
It’s important to note that most defendants do abide by the judge’s orders and do return for their court dates. It’s clearly easier for a defendant to go through the court process than to try to avoid it. No one wants to live their life by constantly looking over their shoulders or being afraid, at the very minimum. Obviously, the consequences of skipping bail would make everything worse, financially and in terms of sentencing, so they don’t want that.
Contact Us if you Need Help
If you are concerned about what bail bond collateral means to you in your situation, let us know. We’ll go over your options. We can be reached through our Detroit Bail Bonds website or by phone at 313-244-0669.
