The phrase "write off debts" is correct and usable in written English.
It is typically used in financial contexts to indicate the act of canceling or forgiving a debt that is unlikely to be collected.
Example: "Due to the company's financial struggles, they had no choice but to write off debts that were deemed uncollectible."
Alternatives: "forgive debts" or "cancel debts."
· Write off debts unless they really are bad.
Do you think it would be a good idea for the United States to write off debts of poor countries?
Some analysts believe China is heading for a day of reckoning; others put their faith in the powers of the Chinese leadership to write off debts.
And because the Treasury and other regulators, unlike their euro-zone counterparts, chose to confront the rot in their financial system quickly, American banks have had to write off debts and raise equity faster than their peers.
The orchestra, like all regional and most London orchestras, stands to benefit from the Arts Council's stabilisation fund, a pot of lottery money announced in 1999 to write off debts and invest in the future.
Italy's banks are stuffed with bad loans that the government has sought to alleviate, not by forcing them to write off debts, but by pumping more cash into their reserves.
If you write off debt owed to the domestic banks, then you will have to rescue the banks.
It does not want to do too much before its own election next autumn, and will be reluctant to write off debt even afterwards.
Observers say Hands's legal move is designed to strengthen his hand in future negotiations with Citigroup in a bid to persuade the bank to write off debt.
The ratings agency Standard & Poor's cut its credit rating on the Tokyo Electric Power Company, saying the utility's bank lenders were likely to be required to write off debt as part of a restructuring plan to compensate victims of a nuclear crisis.
That may not be the intention - governments have no reason to want people to stop saving - but it's the inevitable effect of trying to write off debt by means of inflation.
