Here Paul describes a second problem in the early church, the dependence upon the regulations of the old law, and traditions. We have gained liberty in Christ. Faith in Christ is the substance of our relationship to God. If we have that relationship, we are promised the reward of heaven (cf. John 3:16).
Paul warns that we can be cheated through things like circumcision, and the law of Moses which Christ took away in His death on the cross. For this reason we are not judged by either those requirements of the Old Covenant, or the legalistic traditions that arose from them. He specifically referenced “self-imposed religion, false humility, and neglect of the body” which “are of no value against the indulgence of the flesh” (23).
Our baptism into Christ makes us dead to trespasses, as we are made alive together with Him. Our sins have been forgiven. As righteous individuals, we do not have to worry about the judgment of others. We rejoice and depend upon our relationship to Him.