This is a very important question that we need to ask. Why? Your eternity depends on it. As we read in the bible, we see that the law is extremely important. Don't believe me, read Psalm 119. We break his law, aka the moral law aka the 10 commandments every day. God is a righteous Judge of all the earth. He can not have sin in His presence. It must be punished eternally because we sin against a Holy God. You may say that this is unfair but let me give you an example.
If I lie to my child what would he be able to do to me. Nothing. If I lied to my wife I might be sleeping on the couch. If I lied to government I could be facing jail time. What changed in this scenario? The offense is the exact same. It's the one who I lied to that changed. The authority of the one whom I lied to constitutes the punishment. God is holy and just and perfect. When we sin we do it against the maker of everything. You can't get any more authority than that. That's not Gods will though. We deserve hell but He wants to save us anyway.
We also see that Gods requirement for us to be redeemed to Him is a sacrifice. This sacrifice was made for us 2,000 years ago on a bloody roman cross. Jesus paid the fine for us. He died and 3 days later, rose again defeating death and the grave. It's by repentance and faith alone in Christ alone that we are saved. Repentance is more than asking for forgiveness but also turning from your sin. In Mark 1:15 Jesus said "and saying, "The time is fulfilled, and the kingdom of God is at hand; repent and believe in the gospel."
Thats the Gospel or also known as the good news. Now lets look at the primary question. Some say we have imputed righteousness, they are saying "you do your best and Jesus does the rest." That is contrary to what the bible teaches, its also teaching works righteousness. Thats contrary to what the bible teaches, which is infused righteousness. This means that we are forgiven because of Jesus's work alone. That we are covered by His righteousness and forgiven fully of sin. That's the difference between all other religions and Christianity. That's also what makes it so amazing, that we enemies of God, are saved by Him. The other religions must work themselves into heaven and we can't do anything. We rely on Jesus's merit and work alone.
Lets look at some scripture that clearly points to faith alone and not works righteousness. Galatians 2:16 says "yet we know that a person is not justified by works of the law but through faith in Jesus Christ, so we also have believed in Christ Jesus, in order to be justified by faith in Christ and not by works of the law, because by works of the law no one will be justified."
Galatians 3:5-7 "Does he who supplies the Spirit to you and works miracles among you do so by works of the law, or by hearing with faith- just as Abraham "believed God, and it was counted to him as righteousness"? Know then that it is those of faith who are the sons of Abraham."
Hebrews 11:6-7 says "And without faith it is impossible to please him, for whoever would draw near to God must believe that he exists and that he rewards those who seek him. By faith Noah, being warned by God concerning events as yet unseen, in reverent fear constructed an ark for the saving of his household. By this he condemned the world and became an heir of the righteousness that comes by faith."
I pray that this shows you that it's by grace alone, faith alone by Christ alone that we are saved. If you aren't saved please repent and put your faith in Christ today. The bible says in 2 Corinthians 6:2 "For he says, "In a favorable time I listened to you, and in a day of salvation I have helped you." Behold, now is the favorable time; behold, now is the day of salvation. " We are not guaranteed tomorrow. 10 out of 10 people die.