The answer to your question depends on the legal relationship between you and your "partner." People tend to use the term "partner" with extreme informality -- however, with respect to bankruptcy law, the legal relationship matters.
For example: (1) If you and your "partner" have a handshake deal to operate a dry cleaners business, then you are jointly liable for any partnership debts, if the business is operated as a general partnership, without legal formalities other than a DBA/fictitious business name and a federal tax EIN. And, that means you are liable to your partner's creditors to the extent that their claims are against the dry cleaners business operation. Whereas, (2) if you are each owners of a corporation that operates the dry cleaners, then you have no liability, and you probably don't need a contract releasing you from liability.
Given that background, a Chapter 11 debtor cannot grant you a release from obligations to the bankruptcy unsecured creditors, if doing so impairs those creditor's from receiving at least as much as they would have received from your partner and you, without the release agreement. In order to release you, the court must order it, or the creditor's committee must consent to the release, again, unless you can guarantee that the creditors will be paid what they are would have received, regardless of your release.
If you were to pay any unsecured creditors what they are owed, to the extent that it satisfies the requirement of creditors receiving what they would have received in a Chapter 7
, then that would validate the release -- because the creditors would not be injured. But, if your agreement is one in which you are not paying the necessary consideration to protect the creditors, then the agreement will be ruled unenforceable by the bankruptcy court
I realize that this is pretty complicated, but I don't know how I can simplify the issue any further. If you aren't following the explanation, feel free to ask for clarification, and I will try to assist you further.
Hope this helps.