As only makes sense in the wake of Paul Walker's tragic death, Universal Pictures has formally postponed shooting on Fast & Furious 7 indefinitely while they decide how to handle the situation.
Production was said to be more than halfway completed before it went on a hiatus for Thanksgiving just prior to Walker's accident, but at this point, it's not even clear how much of that will be usable depending on the studio's course of action. Between reports from TheWrap and Deadline, just about every ill-conceived possibility you could think of seems to have been considered, from scrapping Walker's final performance and writing out his character, to re-casting his character, to "using special effects to put Paul Walker's face on someone else's body." The conversation is said to have, thankfully, moved away from the idea of reanimating the actor with technology and some other human parts, but the favored plan now isn't yet clear.
One thing is certain, though: Universal has absolutely no plans to abandon their biggest cash cow. In the statement announcing the production shut down, they make clear that once all the mourning and planning is done, they will indeed "move forward with the franchise." Can't let something like a sad death by a high-speed performance car stop a series that will constantly remind everyone of it.