Dr. Phil McGraw’s Merit Street Media has filed for Chapter 11 bankruptcy protection — and the TV talk-show host’s company is suing former partner Trinity Broadcasting Network, alleging breach of contract and breach of fiduciary duty.

Dr Phil McGraw, known widely for his long-running daytime talk show, has an estimated net worth of $460 million, according to Celebrity Net Worth.

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.