Collateral Explained In Palmdale

Upon learning a family member has been arrested, most people may not have any idea of what to do, who to call or even what is required to have them released from custody. There also terms that many people may not be familiar with and one of those could be “collateral.” Collateral can sometimes be required by a bail bonds company such as Palmdale Bail Bonds.

Palmdale Bail Bonds is a professional and experienced  bail bonds company with the reputation of being the premium bail bonds company in Southern California. By working in with each client on an individual basis, including their financial situation, our company has earned the utmost respect of both clients and their peers.

There are times that bail bonds companies such as ours may require some sort of collateral in order to post bail for a defendant. There can be varying reasons for a bail bonds company requiring collateral including, the amount of bail, likelihood of a defendant not appearing in court when required or an unstable credit history.

Basically, collateral is anything of value that may be used to secure a debt, ensure payment and to ensure that the defendant will appear in court. Collateral can be in the form of money, real estate, or any other form of valuable asset.

A legal contract will be entered into between the bail bonds company and the person putting up the collateral. The person could be the defendant themselves, a family member, or even a close friend. If a family member or close friend is putting up the collateral, they will be known as a “co-signer” or “indemnitor.” It is important to understand that becoming a co-signer means that you are also responsible for the defendant’s appearance in court.

In the event that the defendant skips bail and does not appear in court, bail is forfeited and a bench warrant is issued for their arrest. The bail bonds company will then hold the collateral against any and all expenses incurred for the apprehension of the defendant, as well as any other costs or outstanding bail bond fee.

If the defendant does appear at all required court dates, and the bail bond fee has been paid then the collateral will be returned after the case has been finalized, regardless of the outcome.

If you do ever find yourself in the position of requiring the best bail bonds company, call Palmdale Bail Bonds on (661) 361-7626. We will be there for you right when you need us the most as we are available 24 hours a day, 7 days a week. There is even more valuable information available on our website.

 

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