My iphone has been deactivated by verizon so does that mean all the content is erased?

Content as in email, pictures etc personal things. Is all that stuff deleted from the phone upon deactivation?

The problem is you clearly haven't paid your bills which is WHY they deactivated you, all you have to do is pay them the money owed and you'll have service bakc up within 24 hours.

Right now? You can't make calls, send texts or emails, nor can you access your internet. Other basic functions on your phone such as accessing saved photos, and other tools that don't require use of the net or company you can still do.

Nothing has been deleted.

No. Content is still there. They have shut off the phone number so it is gone. They have also deactivated the phone's serial number and blacklisted it. It will never be turned on in the US ever again. It's basically an iPod now. Don't go back. The ETFs and the outstanding balance are going to be sky and almost unpayable. Just buy a prepaid with a month-to-month deal and keep the iPod. Use it on Wi-Fi like you did before and move on. Best luck.