Is zakat obligatory on money lent to others, while the owner of the money has debts of a similar amount?

The money you have with people is subject to Zakat if it is with a wealthy and non-procrastinating person, and a year has passed over it. It is subject to Zakat for one year upon its collection if it is with an insolvent or procrastinating person. As for the debts you owe, they are deducted from your wealth, and then Zakat is paid on the remaining amount.