By definition, does a liability become a liability after what they owe is over due or are current bills/debts considered liabilities ?

Felony Jayne2021-04-07T05:46:24Z

Current bills/debts are liabilities. There are assets (things you own) and liabilities (things you owe). 

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A Hunch2021-04-07T05:44:43Z

A liability is something that you owe the minute you owe it.

If your car loan is $15000 but you pay $199 a month, the $15000 is the liability not the $199.

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