HOWARD SCHWARTZBERG, Bankruptcy Judge.
The debtor, Ira Altchek, filed an Order to Show Cause with this court on or about February 5, 1991 seeking sanctions for the actions of his former spouse, Iris B. DiGennaro, which he alleges violate the automatic stay afforded him by 11 U.S.C. § 362. The actions of Ms. DiGennaro include filing, on January 2, 1991, an Order to Show Cause with the Supreme Court of Westchester County seeking an adjudication of contempt against the debtor for alleged violations of a Stipulation of Settlement entered into between the parties on November 16, 1989 in connection with a Judgment of Divorce. In addition, an Income Execution for Support Enforcement CPLR § 5241 was mailed to the debtor by Ms. DiGennaro which seeks to deduct from the debtor's earnings arrears alleged due for obligations incurred by the debtor under the November 16, 1989 Stipulation of Settlement.
Ms. DiGennaro has filed with this court an adversary proceeding in which she seeks a determination that an obligation of the debtor is non-dischargeable pursuant to 11 U.S.C. § 523(a)(5)(B). This obligation consists of principal and interest payments on a home equity loan from Barclay's Bank which is secured by a second mortgage on the marital residence and which was assumed by the debtor in the November 16, 1989 Stipulation of Settlement.
1. On or about May 25, 1990, the debtor filed a Chapter 11 petition with this court. The debtor continues to operate as a debtor-in-possession in accordance with 11 U.S.C. §§ 1107 and 1108.
2. Although the debtor filed his petition for reorganization over 8 months ago, he has not yet filed a disclosure statement or plan of reorganization.
3. The debtor and his former spouse, Iris B. DiGennaro were granted a Judgment of Divorce by the Honorable W. Denis Donovan of the Supreme Court of Westchester County on April 10, 1990. The Judgment of Divorce incorporated a Stipulation of Settlement made in open court on November 16, 1989 (the "Settlement").
4. The Settlement, as incorporated in the Judgment of Divorce provides as follows:
ORDERED AND ADJUDGED, that in open court on November 16, 1989 the parties entered into an oral Stipulation of Settlement spread on the record (the "Stipulation"), a copy of which is attached to, which Stipulation shall be incorporated in this judgment by reference, shall survive and shall not merge in this judgment, and the parties hereby are directed to comply with every legally enforceable term and provisions of such Stipulation as if such term or provision were set forth in its entirety herein, and the court retains jurisdiction of the matter for the purpose of specifically enforcing such of the provisions of the Stipulation as are capable of specific enforcement, to the extent permitted by law, and of making such further judgment with respect to maintenance, support, custody or visitation as it finds appropriate under the circumstances existing at the time application for that purpose is made to it, or both; and it is further
ORDERED AND ADJUDGED, pursuant to the Stipulation, that the plaintiff shall have sole custody of the children of the marriage, namely, Jillian Altchek, born October 25, 1972 and Joshua Kenneth Altchek, born June 23, 1975 (the "Children"). The Children shall reside primarily with the plaintiff with liberal visitation to defendant; and it is further
ORDERED AND ADJUDGED, pursuant to the Stipulation, that the marital residence, located at 3 Beaver Dam Road, Pomona, New York (the "Pomona property"), shall be the sole and exclusive property of the plaintiff free and clear of any claim of the defendant; and it is further
ORDERED AND ADJUDGED, pursuant to the Stipulation, that the plaintiff shall be solely responsible for the payment of the first mortgage, held by Dime Savings Bank; on the marital residence, in the approximate amount of $45,000; and it is further
ORDERED AND ADJUDGED, pursuant to the stipulation that the defendant shall be solely responsible for the payment of the interest (and all late charges, if any) on the home equity loan held by Barclays Bank on the marital residence, in the approximate amount of $228,000 and defendant shall be solely responsible for paying off the entire principal of said loan upon the earlier to occur of:
(a) the youngest child, Joshua, graduating from high school or (b) the defendant closing on the sale of his office building and property, located at 65 South, Route 303, Blauvelt, New York (the "Blauvelt property"); and it is further
ORDERED AND ADJUDGED, based upon the Stipulation, that in order to secure the debtor\'s payment of the interest (and all late charges, if any) on the home equity loan held by Barclays Bank on the Pomona property and to secure his payment of the principal of said loan as provided in this judgment, the defendant shall sign a second mortgage in favor of the plaintiff on the Blauvelt property within 10 days of delivery of such mortgage to defendant\'s attorneys. Said second mortgage shall be in the sum of $228,000 plus interest from the date hereof at the same rate of interest as required to be paid to the Barclay\'s Bank on the home equity loan. In the event that the defendant fails to execute such second mortgage as provided herein, the Sheriff\'s Office shall execute such second mortgage. The defendant shall have the right to refinance the existing mortgage on the Blauvelt property. Should the lending institution require the removal of the plaintiff\'s second mortgage as a lien against the Blauvelt property, the defendant shall have the right to provide substitute security for the defendant\'s obligations hereunder regarding the home equity loan. Such substitute must be acceptable to the plaintiff, so that the plaintiff\'s right to assure the defendant\'s compliance with his obligations shall not be diminished. In the event the defendant fails to comply with his obligations to make payment of the interest and any late charges on the Barclay\'s Bank home equity loan and such failure causes foreclosure to be threatened on the Pomona property, the plaintiff shall have the right to immediately cause the sale of the Blauvelt property to enforce payment of her second mortgage, or, if there is substitute collateral, to immediately apply such collateral or the proceeds thereof, to the payment of all sums due on the home equity loan including principal, interest, late charges, penalties and counsel fees. Further, in the event the defendant fails to make full payment of the balance outstanding on the Barclay\'s home equity loan when due as provided herein, the plaintiff shall have the same rights to secure said payment as provided in the preceding sentence; and it is further
ORDERED AND ADJUDGED, pursuant to Stipulation, that so long as the defendant is obligated to contribute to the Children\'s support as provided in the Stipulation, he shall maintain and keep in full force and effect a policy or policies of life insurance on his life, in an amount not less than which is sufficient to insure defendant\'s actuarial financial obligation to the Children, naming the Children as irrevocable beneficiaries thereof, and the defendant shall irrevocably designate the plaintiff as trustee for the benefit of each Child; and it is further
ORDERED AND ADJUDGED, that plaintiff is authorized to resume the use of her maiden name or other former surname, to wit, Kleiman; and it is further
ORDERED AND ADJUDGED, that the County Clerk is hereby directed to enter Judgment of Divorce forthwith.
5. In addition to the major terms of the Stipulation which were formally set forth in the Judgment of Divorce, relevant portions of the Stipulation, as reflected in the court transcript, dated November 16, 1989 are set forth as follows:
* * * * * *
. . . the home equity loan currently in the approximate amount of $228,000.00 will be assumed by Mr. Altchek . . .
* * * * * *
Each of the parties have interests in, have interest in an investment called "Motor Age East," and they will maintain their interests as those interests now exist.
* * * * * *
Now, there are certain custodial funds and accounts, and an Altchek family trust that contain (sic) funds that belong to the children. All of those accounts and assets and funds will be turned over to Mrs. Altchek as custodial parent; and all of the income and profits derived from any of those assets will be placed into those custodial accounts that will be controlled by Mrs. Altchek for the benefit of the children. Those funds will be used for the children\'s education; for the children\'s college; for certain other items such as unreimbursed medical expenses, camp expenses, tutorial expenses and whatever other expenses both parties agree to.
* * * * * *
Ms. Ellenbogen: When he says, "that account," we\'re referring to the current accounts, one in — two in Shearson, one for the benefit of Jillian, and one for the benefit of Joshua.
In addition, we\'re referring to the Altchek family trust, which is made up of assets and receipts to be expected from a company called Coska Nyack, 65 South Associates, one-third of that company, and anything that comes from PAL that was assigned there. We\'re also referring to the children\'s interest in Motor Age Associates, (sic) and Mr. Altchek will cooperate in reissuing the stock certificates in that company, with Iris Altchek as the custodian for each
...
