PLEASE HELP! Cubase 7.5.20 will not open .bak files

Start using Ctrl + Alt + S every few minutes. Untill a song is done I might have hundreds of .cprs - and a chance to go back to whereever I may need to if something gets messed up by Cubase or myself.

In your case: what about not opening the .bak file but the regular cpr? That much lost? You must have saved it before closing the project or have been prompted to automatically.