If a rebill payment fails, the associated access is transitioned to Overdue status for approximately a week. At this point, advancement of the drip content schedule is halted. During this period, the member will not be able to access any associated protected content, unless Overdue Access is Enabled. At the end of the overdue period, if all attempts to rebill the subscription failed, the associated access will be cancelled. 

Should the member repurchase in the future, they will resume their position in the drip content schedule from the point where their previous subscription went overdue.

You do have the option of manually changing a member's place in the drip content schedule. Please see these articles:

If you need to change the member's place in a drip content schedule when a member reactivates their membership, you can set up a push notification to alert you on Membership Status Changed or Bundle Status Changed to Active status.