We are under grace. Many people now teach that since we are under grace that the law of God no longer exist. Let me suggest that grace can not exist without law.
Let's say that you are driving 60 miles per hour down a road marked 45 miles per hour. A police officer pulls you over and writes you a speeding ticket. After doing so he shows you the ticket and then tears it up saying that he is going to let you go and not count this violation against you. This officer just granted you a form of what we call grace.
Let's say that you were driving down an umarked road in an area with out any default speed limit. There is no speed limit on this road. A police officer does not pull you over. Can a police officer offer you grace since there is no law against speeding on this road? Can he even write you a ticket? He might be able to tell us that he thinks you were going to fast, but this is truly just his opinion and you have not violated any law. He can not forgive you for anything as you have not done anything needing to be forgiven. Can he show you what we call grace?
The simple answer to this is no. He can not forgive you and he can not show you grace. There must be a law to violate in order to be forgiven for a violation and to receive grace for a violation. Grace can not exist without law.
Let's say that a police officer pulls you over for speeding and he does in fact give you the ticket and send you on your way. On that ticket there will be information informing anyone who looks at it the violation that was committed. You are also informed of a time and a place when your debt must be paid.
So you appear before a judge. The judge surprises everyone by paying your debt and letting you go. Let's take a look at Colossians 2:14 as one explanation of what just happened in that court room.
Colossians 2:14 "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;"
The meaning of the word handwriting is not understood. Here is the definition for the word that was translated handwriting.
neuter of a compound of ceir - cheir 5495 and grafw - grapho 1125; something hand-written ("chirograph"), i.e. a manuscript (specially, a legal document or bond (figuratively))
This legal bond or debt that was against us was a bill listing our sin as debt before God. This is what was nailed to the cross, our sin debt, not God's law. Now you can see that what happened in the court room is similar to what happened when Christ died for our sins. Although the judge did not die, he had authority to do what he did. God as Christ did just that, he forgave us and paid our debt.
Praise the God of Abraham, Isaac and Jacob/Israel!