The multiplatform network owned by the once popular talk show host is facing financial struggles for which it finds its partner, Trinity Broadcasting Network, at fault.

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.

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.