There are many different types of acceptable bail bond collateral, so if you have several assets to choose from you may get to be selective about what you put up in your bail bond. Here is a guide to the pros and cons of different bail collateral types.
Cash is an easy option for paying part or all of your bail amounts. If you are able to put up cash, it can help to reduce the amount of interest and payments you need to make in the future. While you may not be able to post bail solely with your own cash finances, you might be able to pool resources with friends and family. And if you are able to put up part of your own bail in cash, it makes it that much easier to get a bail bonds company to put up the rest of the bail amount for you.
Small luxury items can be a great option to add to your bail bond. Using luxury items can be less risky than putting up your essential items for bail, since losing these items won't have a major effect on your quality of life compared to losing an essential item. It can be harder to put together an attractive collateral package with smaller items, though, if you don't have any majorly valuable luxury items.
Car or Housing
Cars and housing are seen as great bail collateral by many bail bonds companies, since they mean that you have something important at stake. As long as you meet all of the requirements of your trial, putting your house up for bail collateral doesn't have to be too risky; it's only when you fail to appear in court that a house as bail collateral can lead to foreclosure and other issues.
With a surety bond, you use the support of your friends and family as bail collateral. Your bail company will have another person sign for your bail agreement, and this person will be responsible for any repercussions should you fail to make all of your court appointments or pay off your bail amounts owed. This can be a great option to skip using your own assets as bail and to be able to post bail when you have little to your name. However, it can also put some strain on your relationships, especially if you cause any financial or legal repercussions for the person who signed your surety bond.
These are only a few of the common bail collateral types, so speak with a representative, such as at Alda Pauline's Bail Bonds, to see what other options you have. It can sometimes help to devise a plan that includes a few different bail collateral types, so that you don't have all of your eggs in one basket.