Shares, bonds, copyrights from intellectual property, income-generating properties and real market value, value-added and income-generating are all assets. Examples of liability are borrowed funds or debts, mortgages and insurance. Many people mistakenly assume that the last two are assets.
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After a while, even a few people think that the borrowed funds are now money, so most people refuse to repay their debt. Anyway, let's talk about mortgages and insurances. When you acquire a mortgage or insurance, you are expected to pay a monthly, quarterly or yearly premium depending on the contract. They are debts because they take money from your pocket.
Therefore, houses, cars and electrical appliances purchased with a mortgage plan are debts and may be requested by the issuer upon issuance. Life insurance is generally considered as a debt since it does not have cash delivery value.
Obligations are not a bad thing on their own because I often compare them with the salts in food. Excess salt in a food also destroys its fineness, and the excess of obligations on assets can ruin a business or someone's life.
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