What is the lake of fire?
As Pegg said it is not a literal place, but as Revelation [20vs13,14] answers for us that the lake of fire is: second death.
Second death, or the perpetual sleep of death and not wake up.
-Jeremiah 51vs39,57
Jesus likened death to sleep at John 11vs11-14.
Jesus learned the unconscious condition of the dead from Ecc. 9v5
Besides the Psalms such as Psalm 6v5; 13v3; 115v17;146v4
So, except for those of Matthew 12v32; Hebrews 6vs4-6,
all the rest of mankind will be resurrected to either life in heaven, or everlasting life right here on a paradisaic earth during Jesus 1000-year reign over earth.