". . . God made us alive together with Him, having forgiven us all our trespasses, by cancelling the record of debt that stood against us with its legal demands. This He set aside, nailing it to His cross." (Colossians 2:13b-14)
We find some disturbing things in this verse as well as the good news of the Gospel.
There is a record of our debt
Every time we sin it is recorded. So even just a glance through the 10 commandments reveals that we do not love God and worship Him as we ought, we lie, we covet, in our hearts we murder and steal and commit adultery. We all have sinned and could fill volumes with lists and lists of our trespasses.
There is a legal demand
As with our country's judicial system, a crime has its legal demand for punishment and a guilty person will find that sentence delivered upon them. So too we find that the law of God demands action against us as sinners. I think 2 Thessalonians 1:9 sums this demand up by declaring that "we suffer the punishment of eternal destruction away from the presence of the Lord and from the glory of His might.
There is Good News
When Jesus Christ was nailed to the cross God the Father turned His back upon Christ and poured His wrath, the punishment for our sin upon His Son. This means that the record of our sin has been blotted out and rather than eternal destruction (as the law demanded) we are made alive with God through Jesus.