Blotting out the handwriting of ordinances that was against us, which was contrary to us, and took it out of the way, nailing it to his cross. (Colossians 2:14)
In "Biblical Perspective", Dr. Gayle Woods writes:

Paul was comparing the practice of one who forgives a large debt by wiping his ledger sheet clean with what God does for us. ...The ordinances (God’s law) had been broken many times by each of us. Each time we broke His law, another mark was put on our ledger sheet. Jesus came to this world to provide salvation, full and free. ...Jesus not only erased all the transgressions that had been listed against us on our ledger of life, but He then nailed the blank document to His cross as a public testimony that we were totally forgiven of all our actions against Him and His law.

Discussion: Since we are totally forgiven by Christ, how should we feel? How should we think? How should we act?
Source: Miracles of Jesus: Adult Teacher's Insights, page 12.