Bail Bonds: Three Ways To Circumvent Property Loss And Still Get Bail
The most difficult aspect about getting bail money and working with a bail bond service is the potential loss of important property. The bail bond agent does not want five dozen cars and forty-two houses; that is not what they are in business for. Unfortunately, not everyone shows up for court, and then those friends and family that put their houses and cars up for bail lose everything. It is especially heartbreaking when this causes people to become homeless.
Bail bond agents do not really want that either. They would much prefer cash in some form or other. Here is how to get that cash for bail money and circumvent property loss in the event that your family member jumps bail.
Credit Card Balances
If you have enough credit cards with clear balances, the bail bond agent can make several transactions in partial amounts across your cards. Yes, you would be maxed out, and spend a long time paying this off, but you would still have your home and your car. It is also convenient that you do not have to have the full bail amount on one card. Being able to take multiple payments from all your cards gives you a little control over how much and from which cards the amounts are taken.
Borrow Against Your Life Insurance
If you are younger than fifty and in good health, consider borrowing against your life insurance. If the equity in your life insurance is already substantial, that gives you a lot to work with. It also means that you are paying off a loan instead of putting something up for collateral; a wise choice in this situation.
Cash out Your IRA or 401k
Yes, there are punitive measures for cashing out your IRA or taking money out of your 401k, but you are in a tight spot here. When you look at it, the percentage in punitive fines for choosing this option are much more tolerable than losing your home or your car, plus you can always put money back into these retirement accounts or start over.
Cash Is King Where Bail Bond Services Are Concerned
Any way in which you can acquire cash is a good option under these circumstances (so long as it is legal). Bail bond agents would much prefer cash, since cars and houses have to be transferred in title or deed, and then auctioned off to get the cash. That can take some time for the legal issues to be sorted out before the bond agent gets paid.
For more information, contact a company like A A ABBA Bail Bonds
