Soak beans overnight. Place the ham in the pot. Add water up to 2 inches above the beans. Bring to a boil then reduce to a low heat. Cover; Simmer for 1 hour. Remove the ham hock and cut the meat off the bone. Set aside.
Heat the olive oil at medium-high heat in a Dutch oven. Add the bacon and pan fry for 5 minutes. Add onions and green bell peppers. Saute for 2-3 minutes. Stir in the garlic, smoked paprika, oregano, and bay leaves.
Drain the beans and stir in the dutch oven with broth. Reduce to medium-low. Simmer for 1 hour. Once the beans have softened, stir in the chorizo, potatoes, and collard greens in the Dutch oven. Cover and cook for another 20-25 minutes.