Handwriting. Gr. cheirographon, “a document written by hand.” The word occurs only here in the NT. Elsewhere the word is frequently used of handwritten documents often of a legal character, such as a bond signed by a debtor. Compare Philemon 19. The “blotting out” of such a certificate of indebtedness was carried out only after the debt had been paid and the conditions of the note had been completely met. It was often done by placing an “X” over it, as shown by papyri examples. Also, the water-soluble ink on papyrus could be washed off or rubbed away, and new writing placed upon the material. Some commentators hold that the apostle is telling the Colossian church that their regeneration through the resurrection power of God, the restoration within them of His image, was carried out by God’s blotting out, or canceling, the indebtedness of the bond they were due to fulfill. Others see a more general reference to the Mosaic law, especially as interpreted by the Jews. The latter view seems to be more in harmony with the succeeding context. The similarity with the language of Eph. 2:15 and the parallel nature of these two epistles suggest strongly that the “handwriting of ordinances” is the same as the “law of commandments contained in ordinances” (see on Eph. 2:15).
The expression "the handwriting of requirements" (cheirógrafon toís dógmasin) is a legal expression in greek that signifies the penalty which a lawbreaker had to pay. It does not signify the laws that are to be obeyed, only the penalty. It is only through the acceptance of the sacrifice of Christ that the penalty is wiped out ("the handwriting of ordinances"). But only the penalty, not the law!
When we are forgiven our sins, all these man-made traditions, commandments and ordinances of men, which really are AGAINST US, are taken ”out of the way”. They have no power over us any longer if we are in Christ. Because these ordinances do have power over men who are not in Christ, to enslave them to sin.
A closer look at the context of Col.2 and Eph.2 will show that what is mentioned in the negative is not the law of God. For example Col.2:15 is absolutely clear that it is not talking about the law of God (those who claim it yet is end up in having a terrible view of God's good law).