Zakat on Debt if the Debtor is Bankrupt

Question
I lent a sum of money to a bankrupt person and it has reached the nisab. Do I have to pay zakat on it?
Answer

I say, with Allah's guidance: If the debtor acknowledges the debt, such that it is hoped the debt will be repaid, then you must pay zakat for the past years once your money is returned to you. The same ruling applies to any debt from an acknowledged wealthy or insolvent person, as it is hoped it will be returned. As mentioned in Sharh al-Wiqayah, p. 208, and Allah knows best.

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