What does the Bible say about sin's debt being forgiven?

Colossians 2:14 states that God blotted out the handwriting of ordinances that was against us, nailing it to the cross. This illustrates how our sin, seen as a debt, has been fully paid by Jesus Christ. His sacrificial death satisfies God's justice and signifies that believers are no longer under obligation to the law but are free through His grace. From First John 1:9, we see that if we confess our sins, He is faithful and just to forgive us and cleanse us from all unrighteousness, indicating that all our sins—past, present, and future—are forgiven in Christ.