The Ruling on Having Debt for the Zakat Payer

Question
A man has wealth that has reached the nisab, and he has a debt of twelve thousand dinars, paying off one thousand dinars of this debt every month. What is the ruling on the zakat of this wealth?
Answer
I say, and with God's success: He must pay zakat on wealth if it reaches a threshold exceeding the debt, and God knows best.
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