"And you, who were dead in your trespasses and the uncircumcision of your flesh, God made alive together with him, having forgiven us all our trespasses, by canceling the record of debt that stood against us with its legal demands. This he set aside, nailing it to the cross." - Colossians 2:13-14 ESV
Two unique words here and the concept presented is amazing. The first is translated 'legal demands' (cheirographon - Strong's G5498) and it is a handwritten note that signifies a debt.
God has taken this personally signed document and 'nailed' (prosēloō - Strong's G4338) it down in a place that is set aside... Christ's cross.
The bank note that held a mortgage on your life can't be found anymore. They can't find the signed document. It has been put in a permanently inaccessible place.
It is much like the places that require that a person to produce a receipt with an item in order to return it. No receipt. No refund. No signed document. No prosecution.
Does God legally have anything against you? No. His court system lost the paperwork. It has been filed on the cross. You are free.
You may remember the contents but that is not legally binding.
Leviticus chapter 25 speaks of a year of Jubilee when all debts in Israel are forgiven and the land that belonged to families is returned to them if it was sold.
Jesus is our year of Jubilee.
God makes those who have believed citizens with an inheritance and he has lost the signed paperwork that would hold us in bondage.