Dr. Phil McGraw’s Merit Street Media is filing for bankruptcy, and is also suing its distribution partner, Trinity Broadcasting, for breach of contract.

Former daytime television talk show host Phil McGraw's JV Merit Street Media has filed for bankruptcy protection and sued its business parther, Trinity Broadcasting, for breach of contract.

A source tells PEOPLE exclusively that Dr. Phil McGraw is still "deeply committed" to Merit Street Media's brand and employees after the company voluntarily filed for Chapter 11 bankruptcy earlier this week.