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Well I guess looking at this my answer would be why would you stop paying the bill ? is it because you out of work or is there a illness in your Family usually there is a Good reason tide to a Question as of this) but just to stop paying the bill Verizon will reach out and ask why and they will help you as much as they can) But this help will stop and then they'll take procedures to shut your Line or Lines down then do what come Next after that) Which if it goes as far as it sounds as it may Yes you will probably loose it, But as I said they will try to help you if you just let them..
Hope this helps answer your Question Good 
Luck b33