Good grief, lets all jump down someone's throat whos in financial trouble. That's really nice of you guys.
To the OP the answer to your questions is:
You need to pay any past due balance before they will consider keeping your phones connected. And I'd call customer care to see about working out payments for anything that's not past due, but that needs to be paid. Bottom line, you need to bring the account current.
Like some of the other's have said, root on the Droid isn't a big deal, most of the time, the cleark at the store won't even realize that it's rooted, or they might not even care. If you can activate the phone yourself, no one will ever know.
Lastly, if the account is suspended for non-payment the ESNs of the phones will be locked until the bill is paid. However, once the bill IS paid then they will no longer be locked.
If you want my advice, I'd call customer care and see what you can work out, and see if you can get any help from them in regards to making payments and ect ect.
Hope things get better for you.