Is Zakat obligatory on money that has been held for a full year if its owner has a debt equal to or exceeding the existing money?

Whoever possesses zakatable wealth must pay its zakat if a full year (hawl) has passed over it, even if they are in debt. This is the soundest opinion among scholars, due to the generality of the evidence that mandates zakat on wealth, and because the Prophet, peace and blessings be upon him, did not instruct his collectors to inquire about debts when collecting zakat. However, if the debt is paid from the wealth before the completion of the hawl, then there is no zakat on the amount paid. Zakat becomes obligatory on the remaining amount if it reaches the nisab and a full year passes over it. Paying zakat may be a cause for blessings in wealth and for discharging one's debt. As for a debt that is due and demanded, and the person wishes to pay it, they can pay the debt first, then pay zakat on what remains if it reaches the nisab.