The Ruling on Zakat for a Debtor's Capital

Question
What is the ruling on zakat for a store whose capital is a debt owed by people? If it is obligatory, what percentage should be paid on the capital? And should it be paid in cash or in goods?
Answer
I say, and with God's help: Zakat on wealth must be paid after deducting debts. If the surplus is more than the nisab, it should be given as zakat, whether it is in cash or anything else. If all the wealth is in debts, then zakat is not obligatory. And God knows best.
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