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Gal. 5:3 For I testify again to every man that is circumcised, that he is a debtor to do the whole law.
Gal. 5:4 Christ is become of no effect unto you, whosoever of you are justified by the law; ye are fallen from grace.
What is the "grace" of which Paul writes here? It is that state in which a man stands that requires of him no more than to trust in Christ as his Redeemer, and Justifier, and Sanctifier in order to be fully accepted by God. When a man thinks he can be more acceptable to God by dint of his own obedience, that his keeping of God's commands (in the case of the Galatians, the OT law of circumcision) adds to the finished, perfect work of Christ at Calvary, he has fallen from the "grace wherein he stands" and must now work to achieve by law-keeping what God in Christ has already achieved for him and offers freely to him as a gracious gift.
Paul, however, does not mean by the phrase "fallen from grace" that the Galatian believers were un-saved (and so, by implication, saved by their being careful not to fall from grace). He continues to refer to those "fallen from grace" as "brethren" (vs. 11, vs. 13), warning them that by falling from grace they have become "entangled again with the yoke of bondage" (Galatians 5:1) to the law, not lost their salvation entirely.
What does it mean to have "suffered shipwreck" in regards to one's faith? If one has a bias toward a saved-and-lost view, it is easy to assume that Paul means by the phrase that one has lost one's salvation. Not having such a view, I don't assume Paul means this. A ship that is wrecked is not necessarily utterly destroyed or unmade. Such a ship may no longer float and safely carry passengers or cargo, it's hull may be dashed open upon the rocks, listing badly to one side, but it remains a ship nonetheless. Paul appears to be indicating, then, not that Hymenaeus and Philetus were un-saved by their challenges to Paul's teachings, but that they were badly damaged in their faith by the things they were choosing to believe (and urge, wrongly, upon other believers).
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