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"incurred debts" is correct and usable in written English
You can use it when referring to debts that have been acquired, usually through expenses or obligations. For example, "The company has incurred debts of $50,000 due to their large expansion project."
Exact(14)
Mr Cardoso incurred debts trying to prop up the real, until its devaluation in 1999.
Often deeply indebted to banks they partly own, they have incurred debts that are hazardous for both borrower and lender.
Some larger dairy farmers are said to have incurred debts of more than £1m since milk prices first began to plummet in May.
Governments can only go broke if they have incurred debts in another currency; ie if they cannot finance their external current account deficit (which includes interest paid abroad).
Almost every human interaction involves debts incurred — debts that are either paid, in which case balance is restored, or else not, in which case people feel angry.
Even though the club has incurred debts of around £110m, largely owed to the owner Eddie Davies, Gartside will favour luring a big name to the club rather than searching the lower divisions.
Similar(46)
And most importantly: what happens to Egypt's money and Egypt's falsely incurred debt?
The remaining graduates approximately 20% of each group—incurred debt totaling less than $30,000.
But "if they've participated in master's programs," Ige says, "most likely they've incurred debt".
Hospitalization significantly increased incurred debt from US$4.55 (outpatient) to US$23.11 (p < 0.0001).
To cover these costs, parents used savings, or in some cases incurred debt.
More suggestions(3)
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com