Hello AA,
 
I respectfully disagree with your position on our relationship to the law on this side of faith in Jesus' sacrifice on our behalf.
 
From your statements:
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Our efforts to obey the Law (Word of God) is no longer capable of making us a debtor when we fall short because Jesus paid our debts.
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(I would first of all say that there is a difference between the law and the Word of God for certainly we are to obey the word of God and that includes receiving Christ and not returning to the works of the law.)
 
Yes, you are correct that Jesus paid our debt however we are in a very important race or contest now to see who among us will believe that our debt is indeed paid. Part of our believing that our debt is paid is to "rest" from further attempts to pay it again. The devil has been deceiving many with the belief that we must continue trying to keep the law after having been redeemed by Jesus and whoever falls for this teaching IS according to Paul back under the entire debt to the whole of the whole law.
 
Your explanation is not what Paul teaches because you suggest that Jesus merely makes up the difference for wherever we fall short in our continued attempts to keep the law and that God still wants us to try. You said:
 
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But to then conclude that because we no longer have a penalty where we fall short in the eyes of the Law means we don't have to obey it is a grievous error that has been mistakenly taught for too long. We now are able to walk in obedience without fear, not because there is no Law to obey, but because it has no threat or power over us when we fall short.
 
That, my friend, is as James calls it...the PERFECT LAW OF LIBERTY!
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Sorry but that my friend, is a distortion. Paul teaches very clearly that the law was our schoolmaster whose job was to convince us that we cannot be like God. And that once we have been convinced that the standard of righteousness that God uses, (the law) is so far above where we think goodness is, (there is none good but God) and we finally agree with God that we are indeed "fallen short" and being by this knowledge, driven for mercy to Christ and accept His atonement and cleansing from all our past sins, by faith... Then we have just graduated from school and that schoolmaster and praise God are no longer under that schoolmaster! No longer under the law.
 
Galatians 3:
 
 24.  Wherefore the law was our schoolmaster to bring us unto Christ, that we might be justified by faith.
 25.  But after that faith is come, we are no longer under a schoolmaster. (The law.)
 26.  For ye are all the children of God by faith in Christ Jesus.
 27.  For as many of you as have been baptized into Christ have put on Christ.
 28.  There is neither Jew nor Greek, there is neither bond nor free, there is neither male nor female: for ye are all one in Christ Jesus.
 29.  And if ye be Christ's, then are ye Abraham's seed, and heirs according to the promise.
 
I never cease to be amazed at the various methods used and excuses given to undermine or seek to negate the different scriptures where these great and precious promises are located in God's book. I fear that because you have been persuaded to discount what is said in Galatians that you will not let this passage say what it says for it is located in Galatians. Just as some have learned to discount certain passages of Hebrews as though it is not written to them because they are not a Hebrew under the conditions that the writer was said to be limiting his letter to or something.
 
Galatians 4:
 21.  Tell me, ye that desire to be under the law, do ye not hear the law?
 22.  For it is written, that Abraham had two sons, the one by a bondmaid, the other by a freewoman.
 23.  But he who was of the bondwoman was born after the flesh; but he of the freewoman was by promise.
 24.  Which things are an allegory: for these are the two covenants; the one from the mount Sinai, which gendereth to bondage, which is Agar.
 25.  For this Agar is mount Sinai in Arabia, and answereth to Jerusalem which now is, and is in bondage with her children.
26.  But Jerusalem which is above is free, which is the mother of us all.
 
According to Paul here you are either in one covenant or you are in the other one and you cannot occupy both at the same time. Mount Sinai only gender-es (produces) bondage and is in bondage with her children still, while we in Jerusalem above are alive because of the promise, (God promises to hold us as if we never sinned).  You must choose which of the two you want to be in. If you want to be in Christ then hold to His promise of perfect righteousness given freely of God to completely cover you, justifying you before God and then be not entangled again with the yoke of bondage to the law! But if you want to be one of those children of Hagar under the law then Christ is of none effect for you and you are debtor to the whole of the law. And the two cannot coexist.
 
Galatians 4:
 28.  Now we, brethren, as Isaac was, are the children of promise.
 29.  But as then he that was born after the flesh persecuted him that was born after the Spirit, even so it is now.
 30.  Nevertheless what saith the scripture? Cast out the bondwoman and her son: for the son of the bondwoman shall not be heir with the son of the freewoman.
 31.  So then, brethren, we are not children of the bondwoman, but of the free.
 
Romans 3:
 
 19.  Now we know that what things soever the law saith, it saith to them who are under the law: that every mouth may be stopped, and all the world may become guilty before God.
 20.  Therefore by the deeds of the law there shall no flesh be justified in his sight: for by the law is the knowledge of sin.
 21.  But now the righteousness of God without the law is manifested, being witnessed by the law and the prophets;
 22.  Even the righteousness of God which is by faith of Jesus Christ unto all and upon all them that believe
 
Please believe this and let no man or devil steal your crown. This is why it is called Good News!