indebtedness vs liability

indebtedness and liability both are nouns.

Word	Noun	Adjective	Verb	Adverb
indebtedness	Yes	No	No	No
liability	Yes	No	No	No

As nouns, indebtedness and liability are synonyms defined as:

Other synonyms of indebtedness include financial obligation.

indebtedness (noun)	liability (noun)
a personal relation in which one is indebted for a service or favor	the quality of being something that holds you back
an obligation to pay money to another party	an obligation to pay money to another party
	the state of being legally obliged and responsible