Someone who is obtaining a bail bond to help a relative has the option of choosing between collateral or paying a deposit to secure the release of their relative. There are benefits and disadvantages to both of these options when working with a 24/7 Bail Service in Sedro-Woolley WA, so it’s best to consider this carefully before making any decision.
Securing a Bond Using a Deposit
A bond can be secured with a deposit, typically equal to 10% of the full bail amount. This means the person does not need to come up with the full bail amount to help their relative and enables them to provide financial assistance in other areas as well, such as to hire a lawyer for their relative’s defense. The deposit is generally not returned if the terms of the bond are followed as the deposit usually equals the service fee for obtaining the bond. If the terms of the bond are not followed, the person who secured the bond will be required to pay the remaining percent to the bondsman to cover the lost funds from the bail.
Securing a Bond Using Collateral
If the person doesn’t have enough cash for a deposit or they’d rather use the cash to help in other ways, they might consider using collateral instead. They’ll need to use something that has a high value, such as a title for real estate or a vehicle, as the collateral must be worth more than the full bond amount. If the terms of the bond are followed, the collateral is returned, and they’ll just need to pay the service fee. If the terms are not followed, they risk forfeiting the collateral to cover the full bail amount.
If you’re planning on working with a 24/7 Bail Service in Sedro-Woolley WA to obtain a bond for a relative, make sure you understand your options so you can decide whether a deposit or collateral will be the better option in your situation. Knowing the advantages and disadvantages can help make this decision easier for you. Visit the website for Business Name now to learn more or to get help obtaining a bond today.