BBM. Honestly, I'd move. Probably BEFORE the district imploded. I realize that my approach is unusual for most people, who are tied by job and/ or family to a certain area. But while I currently really like where I live, and the opportunities this area has for my kids, I'd pack up and move in a heartbeat if my only available school option was imploding. And while I participate regularly and intensively on various committees in my local district, as well as being aware of all Board issues, I realize that change takes multiple years to implement. My kids don't have that much time in elementary, middle, or high school-- so that's another reason I'd bail. I'm willing to be part of the solution if something major can be fixed in 1-2 school year sessions, but if things are worse than that, I'm outta here-- headed for more green fields for my kids. (Which I have actually done once, when the local district teachers were on strike.)
Granted, my education and experience (and willingness to move) gives me opportunities for mobility, for which I'm lucky and grateful.
I've lived in a gazillion different places in my lifetime, and I wouldn't hesitate to move if things were awful for my kids. Starting over isn't the end of the world for me. And my kids are very resilient and flexible, which would help.