Judge Rules Against Dr. Phil in Merit Street Bankruptcy, Orders Case to Be Converted to Chapter 7 Liquidation
Update: 2025-10-29
Description
In a significant turn of events, a federal judge has ruled to switch Merit Street Media's bankruptcy case from Chapter eleven to Chapter seven, effectively liquidating the company to repay creditors. This decision impacts major creditors like Trinity Broadcasting Network (TBN) and Professional Bull Riders (PBR), who had invested heavily in Merit Street. The company, launched by Dr. Phil McGraw's company and TBN, filed for bankruptcy after accumulating debt. The judge cited ownership maneuvering and lack of effort to fix the business as reasons for the Chapter seven liquidation. Dr. Phil's team plans to appeal, but lawsuits and finger-pointing continue as creditors hope to recover their investments.
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