Forgot password for external drive formated as Mac OS Extended (Journaled, Encrypted)

I purchased a Toshiba 1TB USB external drive, Canvio Connect II yesterday. My intent was to use it as my Time Machine backup. When I connected it and tried to backup using Time Machine it said that I couldn't use it because it was not formatted for Mac OS. So I reformatted it for Mac OS Extended (Journaled, Encrypted). I set a password, but I must have copied the password incorrectly. I used Time Machine to backup my MacBook Pro. That supposedly took 11 hours (I went to bed and checked on it this AM). I restarted the machine. When it restarted it asked for the password. I entered the password that I copied down, but it didn't accept it. The Toshiba external drive doesn't show up on my desktop. I opened Disk Utilities thinking that I can just wipe the disk clean and start over. It will not let me reformat the Toshiba drive. So now I have a 1TB drive with my data on it, and all Toshiba can say is take it back to where I bought it and trade it in. Not with all my data on it I won't!!! Is there a way to crack the password (I figure it is quite difficult, since that is the purpose of the encryption), or is there a way to reformat the disk?

Thanks,
Mark