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216 retained until the earlier of the payment of the underlying debt under nonbankruptcy law or the debtor receives a discharge under Chapter 13; if the Chapter 13 case is dismissed or converted prior to the debtor's completion of the plan, such lien shall be retained by such holder to the extent permitted by applicable nonbankruptcy law. The 2005 Amendments exempt certain claims from the provisions of Section 1325(a)(5). More specifically, Section 1325(a) provides that, for purposes of Section 1325(a)(5), Section 506 of the Bankruptcy Code, discussed in Chapter V.D.2.b., shall not apply if a creditor has a purchase money security interest securing a debt incurred within the 910- day period preceding the petition date and the collateral for such debt is (i) the debtor's personal motor vehicle or (ii) any other thing of value, if the debt was incurred during the one-year period preceding the bankruptcy filing. The result of this provision is that the exempted claims remain secured claims, but the debtor does not get the benefit of Section 1325(a)(5). 119 As set forth above, a plan proponent will be permitted to "cram down" the plan over the objection of a secured creditor so long as the requirements of Section 1325(a)(5) are met, including the present value of distributions. As discussed in Chapter VI.G.2.a. above, the calculation of the present value of the payments that must be made to a class of secured creditors in order to cram down a Chapter 13 plan requires the court to determine the appropriate interest rate to apply to such payments. In 2004, the U.S. Supreme Court concluded that the formula approach (i.e., starting with the market rate or prime rate adjusted for risk based on the circumstances of each case) should be utilized to determine the appropriate cramdown interest rate in a Chapter 13 case. See Till v. SCS Credit Corp., 541 U.S. 465, 484 (2004). 119 It should be noted that secured claims may still be modified pursuant to Section 1322(b)(2), discussed above in Chapter VIII.E.2.

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