That is a problem spot on R/D bows.
If the hinge was sudden, then something went, even if you can't see a crack. So first look at it closely and flex/twist/backbend it slightly with your hand. Look it over for cracks, laminatins that have separated, etc. SOMETHING failed suddenly, so try to find out what.
From here, I have seen a gazzillion fixes, both successful and not.
If the bamboo lifted off the belly, I've seen people saw or cut aling the glue line and then glue in a thin tapered wedge. You'd have to go past the hinge a bit and 7" is a bit long.
It is possible to cut out a section on the belly like a shingle and glue in a small slat of bulletwood, then re-tiller. Royal pain and often not successful.
If the belly is sound, you could glue on a long, tip-stiffening overlay on the belly side. There is a guy on this site I've seen that does this, I wish I could pull ouyt a name for you. His bows have won the Primitive Archer monthlybow contest before. These are pretty, but if the wood hinged for some underlying reason, it might not be strong enough.
If the hinge has a cause you can see, like a crack or a lam separation, you can often work glue into it and cure it over the form again.
Regardless, before you reduce the weight, find out WHY it folded up on you.