It looks like Universal Pictures and director James Wan have come to a decision about what they are going to do with Paul Walker's character, Brian O'Conner, in Fast and Furious 7. They will move forward with the production, using the footage they shot with Walker. A lot of people speculated that if they did that they would kill off his character, which I always thought would be inappropriate, but that's not what they're going to do.
According to THR, the plan is to "retire the character in a way that the studio hopes will satisfy fans of the franchise." I was hoping this would be the route they took. I imagine it will be him walking away from the crazy life that he got himself involved with in the franchise. The movie comes out on April 10th, 2015.