What happens if the market declines, preventing a refi. on a brrr

[Jacob Barnhart]

Basically If I get a short term loan in order to pay for a property and then a year later go to the bank to get the refinance to pay back the loan... what if the market declines or for some other reason I can no longer get a refinance to cover the loan.

Is that just when I throw my hands up and say "well, time to file for bankruptcy" or are there other options?