There is a 29 day grace period for domain renewals, though on the 30th day it is considered to be in a stage known as "redemption". This means it has been taken by the Internet Corporation for Assigned Names and Numbers (ICANN) and is being held in this "redemption" stage. During this stage your domain can only be renewed by yourself, but for a fee of $200. This redemption stage can last as little as 30 days, but as long as 120 days. There is no strict timetable as to when ICANN must release the domain back to the public.
At this point you have various options:
1) Renew the domain for a fee of $200, this will include removing the domain from redemption as well as a one year renewal.
2) Wait the necessary amount of time until ICANN releases the domain back to the public and hope no other company registers the domain before you can. Unfortunately it is nearly impossible to come up with an exact date as to when ICANN will release the domain.
3) Choose a different extension to your domain (.net, .org, .us, etc) and register that domain.