Google will work with you if you have been negatively impacted by the Penguin update
 

It has been confirmed by the company itself that they will work with you if you reach out to them in good faith and do an honest audit of your site and attempt to remove the bad links.

Please tell me about this in detail!

I think this is only a viable option when you are really clear that what you did in the entire period of your site promotion is clean from any malicious intent. Else, hiring professionals to help recover your negatively impacted website is the best way to go.

thats good for a lot of people, luckily my site wasnt effected

You have posted really such an informative topic