Does Zakat become obligatory on one who has a deferred debt, the repayment of which will take a year?

Religion prevents the obligation of zakat on hidden wealth (amwal batina) and trade goods (urud al-tijara) if debt consumes the wealth or reduces it below the nisab, provided there are no other non-zakat-eligible assets offsetting the debt. As for visible wealth (amwal zahira), such as livestock and crops, debt does not prevent the obligation of zakat on them according to the majority of jurists.