The Obligation of Zakat on the Debtor

Question
A person used to own gold, a house, and a car, and his financial situation was good, but now he is in debt and has no job, yet he still has the gold. Does he owe zakat on it?
Answer
I say, and with God's help: If he does not own what is equivalent to the nisab, which is "100" grams of gold in excess of his original need, then zakat is permissible upon him, and God knows best.
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