The lake of fire is not literal. Rather, the lake of fire is symbolism for everlasting destruction. In essence, everlasting death meaning to non exist. Today, many who are alive will soon be dying the second death. The scripture plainly tells us how. "Then, indeed, the lawless one will be revealed, whom the Lord Jesus will do away with by the spirit of his mouth and bring to nothing by the manifestation of his presence." (2 Thessalonians 2:8)
The lawless will simply be brought to nothing with no hope of a resurrection. Everlasting Death. The lake of fire is not a place but a condition of being brought to nonexistence. " For the living know that they will die, but the dead know nothing at all, nor do they have any more reward, because all memory of them is forgotten." (Ecclesiastes 9:5)
Hell itself will be brought to nothing by the means of Christ Ransom, even though this is rejected by the World. Read (Rev 20:14).
And ye shall tread down the wicked; for they shall be ashes under the soles of your feet in the day that I shall do this, saith the LORD of hosts.Malachi 4:3
I think that the wicked after the judgement will be completely burned up and be no more, but their spirits may go into outer darkness for all eternity.
The Bible is a figurative/spiritual book that cannot be discerned outside the mind of Christ (1 cor 2:16). The carnal mind the Bible tells us is enmity with God and is not subject to God and therefore, it can never properly discern or agree with the things of spirit because that which is (born of) flesh is flesh and that which is (born of) spirit is spirit.A man attempting to understand God with a carnal mind can be likened to a doctor trying to use a machete to perform a surgical procedure. With this in mind, yes there is a lake of fire or else the Bible wouldn't have told us that there was one but it is a spiritual fire that consumes the soul. The physical world is a reflection of the spiritual one. Just as physical fire consumes physical things, spiritual fire is that which consumes our eternal natures. You ask If I was to burn a piece of paper, can I burn that paper for all eternity? Of course not because you are in time. But lets assume you werent in time.