Sacrifice of an animal for a person who is under debt
If a person has wealth that meets the prescribed criterion and that person is under debt also, then it will be checked whether after repaying the loan, the remaining wealth, excluding the basic needs, meets the criterion or not. If it does, then sacrificing an animal is Compulsory (Wajib) on that person.
If the person on whom sacrificing an animal is Compulsory (Wajib) does not have any liquid cash at the moment, he/she must take a loan (non interest based) or must sell some of the things which are over and above the basic needs and sacrifice an animal.
It is given in Fatawa A’alamgiri:
Translation: If someone is under such a debt that on repaying it, the wealth does not meet the prescribed criterion, then sacrifice of an animal is not Compulsory (Wajib) on such a person. (Fatawa A’alamgiri, Vol. 5, Pg. No. 292)