Question: DOES THIS ALLOW FOR CASH SAVINGS FOR FOOD PURCHASES DURING THE NEXT YEAR,
FOR INSTANCE IF YOU NEED 700 DOLLARS A MONTH FOR GROCERIES CAN YOU KEEP THAT MONEY IN A ACCOUNT JUST FOR FOOD PURCHASES??
DO THEY EXPECT YOU TO BUY DRY GOODS AND STORE THEM?
Answer: The Bankruptcy Act provides each Province with the opportunity to set its own exemptions. The food exemption in Alberta comtemplates stored foods and I believe it dates back to when it was commonplace to grow a garden and can vegetables at the end of the growing season or to buy half a cow and freeze it.
There is no provision in the Bankruptcy Act or elsewhere to allow for a cash equivalent to fund future food purchases. Cash on hand would represent funds available to your creditors for distribution in your bankruptcy.