Is Dr. Phil Bankrupt? He Tried to Claim He Was, but a Judge Disagreed
Dr. Phil tried it, but a judge called him out.
Published March 4 2026, 1:53 p.m. ET
Fans of media personality Dr. Phil McGraw want to know if he's bankrupt after he was ordered by a judge to liquidate his media company and pay off his debts. His show, The Dr. Phil Show, ran for more than 20 seasons before ending in 2023. The former talk show host said he wanted to pursue other interests to expand his audience in primetime, according to CBS News.
"I have been blessed with over 25 wonderful years in daytime television," he said. "With this show, we have helped thousands of guests and millions of viewers through everything from addiction and marriage to mental wellness and raising children. I am compelled to engage with a broader audience because I have grave concerns for the American family, and I am determined to help restore a clarity of purpose as well as our core values."
The former psychologist went on to launch Merit Street Media in 2024, and he filed for bankruptcy in 2025. However, in October of 2025, a federal bankruptcy judge ordered Dr. Phil to liquidate the company to pay off its debts, per Fox4 News.
Is Dr. Phil bankrupt?
Dr. Phil filed for Chapter 11 bankruptcy for Merit Street Media in July 2025. He'd partnered with Trinity Broadcasting Group (TBN) to create new episodes of Dr. Phil and other content for the network to distribute. Merit Street Media claimed TBN burdened the company with unsustainable debt. The bankruptcy filing lists assets and liabilities in the amount of $100 to $500 million.
However, the bankruptcy judge, Scott Everett, called Dr. Phil out for his lack of "candor" and for firing TBN employees.
The judge wrote, "Before bankruptcy, after wresting control of the company away from TBN, Phil McGraw decided to pull the plug on the financially distressed Merritt Street and move the business to a new company."
"The debtor fired nearly all its employees on the first day of the case and immediately sued Trinity," he continued. "All that's left is litigation, and the sale of a media library, and not much else."
Dr. Phil reportedly launched Envoy Media the day before filing for Merit Street's bankruptcy.
"There never has been even a pretense of a rehabilitation or reorganization," said the judge. "Candor to the court is critical," he said, per The Hollywood Reporter, adding that the “business was as dead as a doornail when the bankruptcy was filed."
Dr. Phil filed a lawsuit against TBN amid bankruptcy filing, despite his net worth.
Dr. Phil also filed a breach of contract lawsuit against TBN, claiming the network burdened Merit Street Media with debt and didn't live up to its commitment.
Trinity Broadcasting filed a countersuit and claimed that Dr. Phil's production company sought to scheme and defraud TBN.
According to Celebrity Net Worth, Dr. Phil is worth $400 million. He reportedly earned his wealth through his talk show, real estate, and self-help books like Life Strategies: Doing What Works, Doing What Matters.
An E! documentary, Dirty Rotten Scandals, reportedly dives into the exploitation and human cost of shows like Dr. Phil. Dirty Rotten Scandals premiered on March 3.