Luke 16:22: “And it came to pass, that the beggar died, and was carried by the angels into Abraham's bosom: the rich man also died, and was buried;
Luke 16:23: And in hell he lifted up his eyes, being in torments, and seeth Abraham afar off, and Lazarus in his bosom.”
From my studying of the Bible, I can say Abraham's bosom, was a resting place for the saints of the Bible. In this caption of Luke we see the rich man (whom God does not name) and the beggar (whom God calls by name, "Lazarus." Luke 16:20 Lazarus is taken to Abraham's bosom and he is seen by the rich man from Hell. Luke 16:23
I can also say that this resting place is paradise. I believe this is the same place Jesus was referring to while on the cross. Luke 23:43 “And Jesus said unto him, Verily I say unto thee, Today shalt thou be with me in paradise."
I also believe that this is the very place (Abraham's bosom, Paradise) that Jesus goes to at his crucifixion when he goes into the depths of the earth in Ephesians. Eph 4:9 "Now that he ascended, what is it but that he also descended first into the lower parts of the earth?"
Putting this together we can conclude that this particular place, Abraham’s bosom, must have been in the depths of the Earth along with the place we call hell. How can this be? I can not fully understand how hell can be in the center of the earth with all the molten lava. But this is a place of spiritual torment. Mark 9:43.
This particular place, (Abraham’s bosom, Paradise) does not exist today, nor has it existed for about 2 thousand years. I believe when Jesus died and went to paradise for three days, when he left paradise (Abraham's bosom) he brought all the saints up from there and took them to heaven with him. Let us take a look at Matthew. Mat. 27:52,53 “And the graves were opened; and many bodies of the saints which slept arose, and came out of the graves after his resurrection, and went into the holy city, and appeared unto many." This brings us to Paul’s statement in 2 Corinthians 5:8 “...to be absent from the body, and to be present with the Lord.”