Everything is still just a theory, but according to relativity, the outside observer will watch the "traveler" get spagettified as they approach the event horizon. Sounds like a fun way to die, huh? However; according to relativity and time dilation, the "traveler" will watch the lifecycle of the universe unfold in front of them as they cross the event horizon. Time will all but stand still to them and they won't experience death. Sounds contradicting, so that's why they call it a paradox. According to Einstein, all information is kept when falling into a black hole. I don't claim to understand the math, but have watched plenty of documentaries about this exact topic....and I did stay at a Holiday in Express last night.
More interesting is how they are discussing Black Holes and the Multi-Verse theories. Now, since we can't test any of this, we won't know, but this is the most widely accepted explanation that I have heard.