Bail Collateral In Las Vegas
What happens if you’re arrested and cannot afford to pay bail? This is a question that many people must face at the realization that they simply don’t have enough money in the bank to cover their bail amount.
The truth is that there are a few different things that can happen. First, you can stay in jail until your court date and not worry about making bail at all. The more preferable option for most is to reach out to a bail bondsman to help them secure the funds they need to be released. This is where bail collateral in Las Vegas comes into play.
What is bail collateral?
The idea of paying your bail in order to be released from jail until your court date is a fairly straightforward one, but what is bail collateral? The term “bail collateral” refers to an asset that can be used to help someone make their bail. This is generally something valuable, be it jewelry, a car title, or interest in a home.
The collateral is taken by the bondsman helping to post bail and will be returned once the defendant shows up in court on their scheduled date. If they fail to do so, then the collateral is forfeit and will not be returned.
It is also important to note that the financial value of your collateral might not be returned to you in full. This is because bondsman have certain fees they must pay in order to run their business, and you’ll have to pay those out of the bail amount. Whatever is left over after those fees are removed is what you will receive.
Bail Collateral Laws in Las Vegas
When you purchase a bail bond, there are a few bail collateral laws in Las Vegas that dictate exactly how much of a premium your bail bondsman can charge. They are generally allowed to take no more or less than 15% of the total bail amount up front. Note that this does not mean you are only responsible for 15% of your bail. It means that for 15% of your bail in cash and collateral worth the value of the remaining balance, you can leave jail.
Consider a $5,000 bond. A bail bondsman collecting 15% up front would require you to be able to pay $750 in cash and put up collateral for the remaining $4,250. Collateral is necessary in cases where the defendant cannot pay their bail in full because while you are only required to pay 15%, if you fail to appear in court your bondsman will have to pay the remaining 85% of the bail fee. Collateral ensures that they don’t take a loss and are able to pay the fee should that happen.
Accepted Bail Collateral in Las Vegas
While this was touched upon briefly, it’s important enough to understand what kinds of assets you can use as collateral to bear more thorough discussion. Many people believe that they simply don’t have anything worth putting up as bail collateral in Las Vegas, but chances are good that there’s something of value. Collateral can be almost anything that is worth money. This includes:
- Credit Cards
- Vehicle Titles
- Real Estate
- Mobile Homes
As you can see, you have many options at your disposal. The idea is that, as your bondsman, we must be able to sell whatever it is you put up as collateral in the event that you fail to show up to court and the bail bond is forfeit.
Keep in mind that if you’re using something significant like a boat or a vehicle as collateral, we most likely won’t ask to keep those items physically. Instead, we’ll ask to hold the title until your court date is over and bail has been exonerated. At that point, we’ll release it back to you. Other items, however, such as jewelry or electronics will be held on-site in a secure vault until your bond has been exonerated, at which point those items will be returned to you.
The value of your items will be determined using a variety of standards and resources, including NADA and KBB guides for boats, vehicles, and the like, and tools like Zillow when looking at real estate.
Jails and Collateral
Is it possible to bypass a bondsman and offer collateral for your bond directly to the jail itself? Unfortunately, jails in Nevada don’t accept collateral – they take cash in full. If you cannot pay the full amount, then you must utilize the services of a Las Vegas bail bondsman to help pay the rest of the bond.
If you or someone you know has been arrested, the experienced team at 24/7 Las Vegas Bail Bonds can help! Reach out to our offices at 702-899-2775 today.