Abstract: A method and system for preparing or treating a wellbore in conjunction with a perforating operation. The disclosed perforating gun system includes one or more perforating guns between an uphole flow sub and a downhole flow sub. The uphole flow sub and the downhole flow sub are connected by a fluid bypass that permits fluid to be pumped into the wellbore below the perforating guns. Before perforation, formation-compatible fluid may be pumped through the first and second flow subs via the fluid bypass to displace fluid and debris that may interfere with or cause unwanted damage during perforation. Alternatively, the fluid may be a treating fluid selected to dissolve debris within the wellbore. Following perforation, the fluid may be circulated through the wellbore to remove or dissolve debris created during the perforating process.