This is where you can indicate the client's level and source of indebtedness. Like assets, liabilities can be classified as personal or financial.
Liability Name and Owner
Liability name Type an identifier for the liability.
Borrower Select one or more of the client's members as the liability borrower.
Lender Type an identifier for the liability lender.
Principal/balance ($) Enter the dollar amount of liability.
APR (%) Enter the annual percentage rate of the liability.
Liability Type
Type Select either Personal or Financial.
Subtype Select subtype for liability. Choices depend on your Type response. Personal subtypes include Credit card, Car loan, Mortgage, and Other. Financial subtypes include Margin loans and Other.
Payment Details
Amount ($) Enter current dollar value of liability.
Frequency Enter payment frequency from Monthly or Annually.
End date Enter the date when this liability will be paid off.