If you’re applying for a bail bond in Greenville, NC you need to do your research. The penalties for not following the conditions of your bail are severe.
They include wage garnishment, property liens, jail time, and more. To avoid being the subject of penalties, you need to understand the different bail bond types.
Continue reading to learn about bail bond types, collateral, and costs. There are too many to cover in one article, but these are the most common types.
Cash Bail Bonds
For defendants who can cover their bonds fully, cash bonds are a great option. In this scenario, you pay the complete bond upfront.
Your obligations are to return for your trial date, hearings, and any other court dates. Bail bond interest and collateral don’t apply to you.
Not everyone has the funds necessary to pay their bond fully and in cash. That’s when you need a surety bond. After the judge sets the amount for your bail you need to start looking for a bail bonding agent.
Your financial obligations will depend on the amount you borrow and how much collateral you have.
Collateral Bail Bond Types
If you need help paying your bail, you may have to put up some form of collateral. This is property or some type of valuable asset you own that your debtors can remove from you if you don’t pay.
These are a few common types of bail bond collateral in Greenville NC.
Most courts in Greenville, NC won’t accept a vehicle as a form of collateral. Bail bond agents generally will.
In general, a used car is about the same amount you’ll need for bail if you’re charged with a nonviolent crime.
Courts and bail bond agents accept real estate as collateral. If your property is registered with your state and its worth is equal to your bond, you can use real estate.
Retirement accounts, stocks, and other investments work as well. However, most people prefer to use their car or property.
Federal Bail Bonds
These are for people who committed federal crimes. They tend to be much higher than state bail bonds. You will likely have to pay 15% instead of the usual 10% that you pay with states.
Learn More about Bail Bonds and Payment Methods
Learning about bail bond types is vital to anyone that’s in a situation where they’ll need to use them. You have to make an informed decision before committing to the type that you think will work best for you.
In addition to finding payment methods and different types, you can also look into the bail bond system itself. There is a lot to be said about how it impacts the large incarceration rate in the United States and you directly.
For 24-hour bail bond support and more information, contact us. We are here to help defendants in the Greenville, NC area get out of jail fast.