While liabilities also come in many forms, there are two major forms of liabilities: current liabilities and long-term liabilities. 

Current Liabilities. Current liabilities are debts that must be paid off within the next year; they are usually debts for the short-term expenses of your home or business. Current liabilities include debts related to credit cards, utility bills, tuition, and books. These liabilities should be recorded on your personal balance sheet at the current amount owed plus accrued interest, if any.

Long-Term Liabilities. Long-term liabilities are debts that must be paid off at a date further away than one year; these debts are typically used to cover long-term expenses, such as student loans, auto loans, and home mortgages. These liabilities should be recorded on your personal balance sheet at the current amount owed.