Before you file bankruptcy, you should gather together all of your outstanding debts, including the details of each debt, such as account numbers, name and address of creditor, amount of payments, and balance of the debt. Federal bankruptcy law requires that you undergo credit counseling prior to filing bankruptcy. Credit counseling can actually help you determine the best course of action in terms of dealing with your debts, whether it includes filing for bankruptcy or not. In some cases, credit counseling may assist you in creating a budget and repayment plan that can help you avoid bankruptcy altogether. Otherwise, if bankruptcy is still necessary, credit counseling will allow you to organize your debts and assets for the purposes of preparing the necessary documents for filing bankruptcy.