Appellant's argument represents a sound statutory analysis and there is some authority which would seem to give it support. In re Patterson, 10 B.R. 150 (Bkrtcy.N.D.Ohio 1981); In re Grimes, 6 B.R. 943 (Bkrtcy.D.Kansas 1980); In the Matter of Coots, 4 B.R. 281 (Bkrtcy.S.D Ohio 1980). However, although I believe the instant reaffirmation agreement is valid and enforceable, it is not because I conclude that it does not require court approval.
The present value requirement under Bankruptcy Code ยง 1225(a)(5)(B)(ii) forces the debtor to provide for payments to creditors over a reasonable repayment term at a reasonable rate of interest. In re Standley, 2013 Bankr. LEXIS 1114, at *16 (Bankr. D. Mont. Mar. 22, 2013) (citing In re Steinmetz, 10 B.R. 150, 158 (Bankr. D. Mont. 1991)). The Court will briefly address each prong of this requirement and its application to the Joint Plan.