"There is no fear in love, but perfect love drives out fear because fear has to do with punishment. The one who fears is not made perfect in love."
Just as there is no fear in love, there is no condemnation in Jesus Christ. It is through faith in Christ's blood that we hope for life. It is through this faith that love is made complete in us. Perfect love drives out fear because fear is the opposite of faith. The one who stills fears God's judgment is not perfect in faith and thus not perfect in love.
A child of God never needs to fear his parents. A child respects his parents, of course, and is disciplined when he goes astray, but there is no fear of losing his parents love. There is nothing now that could ever separate us from the love we have in Christ. The fear of God is not fear of punishment, but wonder and awe over how powerful God is. God's power to crush Satan is so awe inspiring as to be both tremendous and fascinating at the same time.
It is out of love and respect that true obedience is established, not out of fear of punishment. It is God's love and kindness which leads us to repentance, not fear of damnation. People who preach the "turn or burn" gospel preach a different gospel to their own demise. Love can only come by grace, not by law which has to do with punishment.