I thought I'd do some further research and am sharing what I've learned.
In Luke 16 Jesus shared a story about a rich man and a poor man named Lazarus to inform the Jews who believed that riches were a sign of God's favor, that riches will not get one into Paradise:
19 “There was a certain rich man who was clothed in purple and fine linen and fared sumptuously every day. 20 But there was a certain beggar named Lazarus, full of sores, who was laid at his gate, 21 desiring to be fed with the crumbs which fell from the rich man’s table. Moreover the dogs came and licked his sores. 22 So it was that the beggar died, and was carried by the angels to Abraham’s bosom. The rich man also died and was buried. 23 And being in torments in Hades, he lifted up his eyes and saw Abraham afar off, and Lazarus in his bosom.
24 “Then he cried and said, ‘Father Abraham, have mercy on me, and send Lazarus that he may dip the tip of his finger in water and cool my tongue; for I am tormented in this flame.’ 25 But Abraham said, ‘Son, remember that in your lifetime you received your good things, and likewise Lazarus evil things; but now he is comforted and you are tormented. 26 And besides all this, between us and you there is a great gulf fixed, so that those who want to pass from here to you cannot, nor can those from there pass to us.’
27 “Then he said, ‘I beg you therefore, father, that you would send him to my father’s house, 28 for I have five brothers, that he may testify to them, lest they also come to this place of torment.’ 29 Abraham said to him, ‘They have Moses and the prophets; let them hear them.’ 30 And he said, ‘No, father Abraham; but if one goes to them from the dead, they will repent.’ 31 But he said to him, ‘If they do not hear Moses and the prophets, neither will they be persuaded though one rise from the dead.’ ” vs 19-30
If I'm understanding correctly, the rich man was condemned to
Hades (Greek version of the Hebrew Word Sheol, the place of the dead), a holding place where both the
unsaved dead, (those without faith in Jesus) are located in a
place of torment and those who died with faith in the future Messiah (destined to be with Jesus in Paradise after the cross, because of faith in the future Messiah) were located in
Abraham's Bosom - a place of comfort. After Jesus rose again, He ascended to heaven and took those in Abraham's Bosem to Paradise (heaven) with him, leaving those in the place of torment behind .
In the process of telling this story, Jesus reveals characteristics of these very real places. 1. Souls are very conscious and aware of where they are, 2. those in the tormenting portion of Hades (or Sheol) experience very real torment, 3. this is in consequence of not repenting (vs 30) and much scripture details that it's not repenting and placing faith in Jesus that sends one there, 4. the suffering described in this story is very real, based on choices made in this life and once death takes place, that destiny is fixed. We learn from Abraham that failure to listen to God's Word is final. If the Word of God is not heeded, then neither will someone raised from the dead (which Jesus did) will convince a soul.
Revelation 20:11 shares about the Great White Throne judgment (where unbelieving dead are judged), which happens at the end of the Millennium - the thousand year reign of Jesus in His Kingdom established on earth after the Tribulation. It's at this time that in vs 13 we are told:
The sea gave up the dead who were in it, and Death and Hades delivered up the dead who were in them. And they were judged, each one according to his works.
Again, these souls are still conscious as they are justly judged by God for their actions and words which they personally answer for because they did not avail themselves to the shielding protection of Jesus Christ by placing faith in Him.
What I learn here is that all the unbelieving dead, located in the tormenting holding place within Hades (or Hebrew: Sheol - realm of the dead)
stay here for a very long time, before the Great White Throne Judgment happens. And, remembering how Jesus shared what being in the tormenting part of Hades is like, this is NOT going to be a place of soul sleep, or simple destruction. It will be a holding place of conscious torment and deep regret before the final destination to the Lake of Fire or hell, Gehenna (eternal separation from God).
After these souls are found
not to be in the Book of Life (recording of those who've placed faith in Jesus) at the Great White Throne Judgment, vs 15 states they will be thrown into the Lake of Fire with Satan, the Beast and False Prophet (who are tormented forever, vs.10). Part of the torment of souls being in Hades, is knowing about the upcoming Great White Throne Judgment and final destination into the Lake of Fire (10-15).
So, as I understand, in essence, if a soul is in Hades (now only the temporary holding place of the unsaved dead), they are in custody so to speak as they await the Great White Throne Judgment, where they will then be incarcerated permanently into the Lake of Fire, Hell or the Greek: Gahenna.
In Matthew 25, Jesus speaks of those going into everlasting punishment:
And these shall go away into everlasting punishment: but the righteous into life eternal.
vs 46
Sure puts into perspective how serious sin is and how important it is to place faith in Jesus today, while there's still opportunity to do so as tomorrow is never garuanteed. And how important it is to be ever ready to share the Gospel.
We can also know that souls located in Hades, are conscious by what scripture additionally shares in 1 Samuel 28. King Saul, desperate for guidance, disguised himself and asked a medium (or witch) to summon the great prophet Samuel from the dead to ask for help (Samuel was in Sheol within Abraham's bosom or Paradise portion at the time):
And the woman said to Saul, “I saw a spirit ascending out of the earth.”
14 So he said to her, “What is his form?”
And she said, “An old man is coming up, and he is covered with a mantle.” And Saul perceived that it was Samuel, and he stooped with his face to the ground and bowed down.
15 Now Samuel said to Saul, “Why have you disturbed me by bringing me up?”
And Saul answered, “I am deeply distressed; for the Philistines make war against me, and God has departed from me and does not answer me anymore, neither by prophets nor by dreams. Therefore I have called you, that you may reveal to me what I should do.”
16 Then Samuel said: “So why do you ask me, seeing the Lord has departed from you and has become your enemy? 17 And the Lord has done for Himself as He spoke by me. For the Lord has torn the kingdom out of your hand and given it to your neighbor, David. 18 Because you did not obey the voice of the Lord nor execute His fierce wrath upon Amalek, therefore the Lord has done this thing to you this day. 19 Moreover the Lord will also deliver Israel with you into the hand of the Philistines. And tomorrow you and your sons will be with me. The Lord will also deliver the army of Israel into the hand of the Philistines.”
Matthew 8:12, 22:13 and 25:30 also give descriptions of those consciously experiencing torment - weeping and gnashing of teeth.
For more info on Sheol:
gracethrufaith.com
gracethrufaith.com
(edited for clarification, I was tired last night and misunderstood which Hebrew/Greek names were for the temporary place of the dead, for hell and synonym for heaven....hopefully it's correct now. My apologies for any confusion)
endtimeheadlines.org
says what it means and means what it says. 
