Not exactly. Jews believe in Heaven and a kind of Purgatory called 'Gehenom'. Everybody eventually makes it into Heaven but they can only make it when they are pure. A person can be purified either by reincarnating into this reality and avoiding sin or spending time suffering in Gehenom.

A person will have to spend a longer time in Gehenom and deal with a higher intensity of torment depending on the level of impurity remaining within. Some rare cases will be in Gehenom until the end of time, simply because there will not be enough created time to finish the purification process. This will only occur to a very rare few, however, who are almost completely evil.

The completely evil who have no chance for redemption are not sent to Gehenom. Instead they are annihilated from existence and do not see any form of afterlife. This is said to be worse than Gehenom, because at least when you are suffering you exist.

Like I said, those are very rare exceptions. 99.9% of individuals are not pure evil or almost pure evil and will, eventually, make it into Gan Eden (Heaven).