What happens to my files if I cancel my membership?

If you cancel your paid membership you will still have access to the free level of membership, which provides 2GB of storage. You will have a 90-day grace period to download your files to your local machine, and delete online files to get your cloud storage down to 2GB (or to purchase additional storage separately if you choose). If you leave more than 2GB of files in your cloud storage for more than 90 days, you may lose access to some or all of your files.

Please refer the below FAQ and it will answer most of your queries:

http://www.adobe.com/in/products/creativecloud/faq.html

Refer to : https://forums.adobe.com/message/5308370

Regards

Rajshree