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.

Dr. Phil's TV network, Merit Street Media, filed for bankruptcy and sued its distribution partner, the Christian broadcasting company Trinity Broadcasting Network, alleging breach of contract.