liabilities are financial obligations or debts that a person or entity owes to others

liabilities obligations debts credit borrowing payables receivables accounts notes mortgages bonds loans pay taxes invoices bills financing payments repayment leverage debttoequity interestbearing principal default bankruptcy creditors insolvency overdraft collateral payment settlement indebtedness charge mortgagor creditor taxpayer debtor pledge guarantor underwriter covenants security mortgagee surety subordination revolver