The qualifications of bail are as follows:
(1) Each of them must be resident and householder or freeholder within the state.
(2) Each must be worth the amount specified in the order of arrest, or the amount to which the order is reduced, as provided in this chapter, over and above all his liabilities, exclusive of property exempt from execution; but the judge, on justification, may allow more than two (2) sureties to justify severally in amounts less than that expressed in the order, if the whole justification be equivalent to that of two (2) sufficient bail.