If you have a loved one in jail and are considering bailing them out, there are a few things you need to think about before you contact a bail bondsman. We’ve discussed that you need to know and trust the defendant, that you need to make sure you can afford to pay the bail bond fee, and that you know your friend isn’t a flight risk. But, there is one more thing you need to consider – bail bond collateral, and whether or not you are willing to co-sign the bail bond in El Paso County or across Colorado.
What is Bail Bond Collateral?
When you work with a bail bond agent to get someone out of jail, you will need to pay the bail bond fee (in Colorado, the bail bond fee is required to be at a maximum of 15% of the full bail amount). Depending on the situation, some bail agents require that in addition to the bail bond fee, the co-signer of the bail bond provide collateral. The reason for this is in the specifics of how bail bonds work. If a defendant skips bail, the bail bondsman is held responsible for the full bail amount – either directly, or through their insurance company. Because bail can be a very high amount, bail agents work to protect themselves from such a big loss by asking that co-signers provide bail bond collateral that can be sold to cover the costs.
Examples of Bail Bond Collateral
The types of bail bond collateral required differ according to the bail bond company you work with. Here are a few examples of possibilities:
- Bank Account Balances
Call All Day All Night Bail to Get Help Now
If you are worried about bail bond collateral, simply give us a call. We will discuss your situation with you and determine whether bail bond collateral is really even needed. Don’t worry about what you’re going to do about your loved one in jail. Our goal is to help people in this situation. We provide payment plans, and will help you do what needs to be done to help your loved one. Call us today to discuss your situation and the details of obtaining bail bonds!