Other mistake: When Queen Marie tells Henry he was born to privilege and it comes with specific obligations, Henry says, "But marriage to a complete stranger never made anyone in this room very happy." Then, King Francis demands, "You will marry Gabriella by the next full moon." The problem is Princess Gabriella of Spain is named Princess Gertrude in the credits. (00:34:05 - 01:57:15)
Other mistake: In the scene when Henry walks over to pick the glass slipper off the ledge it starts raining. All his clothes get wet, except his hair, which stays perfectly dry... (01:36:15)
Answer: They would have become indentured servants - basically their debt be bought by someone in the Americas and they would be forced to work for the buyer until the debt had been worked off.