Place the beans in a large bowl and add enough water to cover by 3 inches. Soak overnight. The next day, drain the beans well.

Heat a large Dutch oven over medium-high heat and add the bacon. Cook, stirring frequently, until the bacon is crisp and has released all of its fat, 5 to 6 minutes.

Add the chorizo to the pan and cook, stirring occasionally, until well browned on all sides, about 4 minutes. Using a spoon, remove any excess fat from the pan, leaving 2 to 3 tablespoons only. Add the onions and garlic and cook, stirring occasionally, until very tender, about 4 minutes. Add the tomato paste, paprika, crushed red pepper and bay leaves and cook, stirring, for 2 minutes. Add the reserved beans, the chicken broth, and the water and bring to a boil. Reduce the heat to a simmer and cook the beans, partially covered and stirring occasionally, until very tender, usually 1 1/2 to 2 hours, adding more water if necessary to keep the beans moist yet not soupy. When the beans are very tender, season with salt, to taste, and let sit, covered, for 15 minutes before serving. Serve the beans family style.