Can I Get Collateral Back After Paying My Bail Bonds?
Working with a bail bonds agent can help you keep your loved one from spending a night in jail. If you need bail services, Woodard Bonding Company is for you. Our bonding company provides surety bail bond services for the general public in Sumner County, Tennessee. People looking to post bail and secure the release of an arrested friend or family have various options. You can pay the bail in cash or provide collateral, which acts as a loan.
What Is Collateral in Bail Bonds?
Collateral refers to a house, car, jewelry, or other valuable assets that the court will accept in place of cash bail. If you’re arrested, you’ll go through the usual processing, after which the police will hold you, waiting for the next determination. Our bondsmen can help you post bail to avoid jail while waiting for the next available magistrate to appear in court. If you’re eligible for bail, the judge will determine how much you must pay to be released.
The bail money gives you freedom while you wait for your day in court. If you attend all legal meetings and court dates, Woodward Bonding Company will make sure your bail money is refunded on time. The court may withhold part of the bail for legal process fees. Courts allow you to provide collateral if you cannot put up the bail money. You can use your house, plot, or other property. Courts may also accept jewelry, artwork, and possessions traded for cash.
What Happens to the Collateral?
If the collateral is a small item like jewelry, the court will take possession of the item for the duration of the case. The court will request and take possession of the deed or pink slip for assets like land and property. Bail money or collateral acts as surety that the accused will attend all court dates until the case is resolved. Collateral will be placed in the court’s trust or ours and returned when the case is complete.
If you attend all court dates as required, you’ll receive your collateral back, regardless of the decision. Collateral isn’t attached to the outcome of your case. You could be found innocent, charges may be dropped, you could be sentenced to jail, or the bail may be exonerated. Bail money or collateral is paid back once you’ve met all bailing conditions. If you fail to appear in court as agreed, the collateral will be seized and collected by the court.
How Soon Can I Get My Collateral Back?
Courts must return collateral to the Indemnitor within the specified period after bail bonds are discharged. The timeframe varies from state to state. At Woodward Bonding Company, we help you meet all requirements to expedite all processes. You’ll get your collateral back within the shortest time possible. The court must send a discharge notice, which prompts us to begin processing your collateral.
If you have a payment plan for the bond, you must make all payments to receive your collateral back. Clients who satisfy all requirements and payments for their bail bonds will get their collateral back. Some courts have faster processes, which allows you to receive your collateral early. Woodard Bonding Company has been around since 1972 and knows what’s required to help you get your collateral back on time. We also help you learn more about the process.