This Scripture is closely related to (verse 28). This to me, is speaking of those who scorn judgment here will face the Judge of the entire world. The word “prepared” here, to me, indicates that this will happen in the future.
(In Proverbs 10:13b), we were told that “a rod is for the back of him that is void of understanding”. Meaning this is a reference to corporal punishment applied to the backside and recommends it as the most effective way of dealing with children and fools.
Fools many times, break laws and are punished for their law breaking. I believe fools will face the eternal Judge and pay for their evil deeds. The only way to avoid that punishment would be for the fool to become wise and accept Jesus as his Savior. Proverbs 19 Continued Quest