States transitioning to democracy face considerable challenges in dealing with the past and laying the foundations for good governance in the future, while maintaining order in the present. Debt incurred by predecessor regimes is of particular significance in the transitional context as it survives transition and may bind future regimes for some time, even if the money from the underlying loans never provided any benefit to society. In my research, I explore how states undergoing democratization could use transitional justice tools to address the debt incurred by previous regimes.