Friday, November 11, 2016

Get to Know 3 Popular Bail Bond Types

If a person gets arrested, posting bail is one of the ways he can keep himself from getting locked up. This way, he can await trial at home instead of in jail. Should you or a loved one find the need to post bail, it can help to know that there are several types of bail available, and each has different applications that suit different needs best. Here are three of the most popular bail options that you can use

Surety bond

This type of bail is often used when the defendant doesn’t have the money to cover the bail amount set by the judge. A third party, such as a bondsman, can pay for the bail and guarantee that the defendant will show up in court. To ensure the defendant’s presence, the bondsman will usually require a collateral.

Federal bonds

Federal bonds may be issued in federal cases held outside of the local or state jurisdiction. Though collateral isn’t required, two guarantors must prove that they have the assets to pay the bail in case the defendant doesn’t show up for his hearing, and sign a document that says they will pay in case that happens.

Property bonds

If you own a property, you can use it as collateral for the bond that you plan to post to get you out of jail. However, your property must usually be valued at least twice the cost of bail in most cases before it can be accepted as collateral.

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