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You've got a couple of main options - totally protecting the trunk, allowing it to grow from a higher point in spring time, or cutting it back, even to ground level.
As Musa basjoo is a tough plant, the worst case scenario is that it dies back to its roots. Any growth that you can protect, and thus keep alive, above ground will ensure that your plant will be larger next summer time. As you're going to need to cover and protect your plant, the sad thing that I find hard to do is to remove all of its leaves - it kind of goes against the grain to do this! As your plant now has some damaged leaves, take these off completely, so that they don't decay and spread infection further into the plant. If you choose to keep above ground growth alive and protected, just watch out for any infection that may set in over winter time, and similarly remove any decaying matter, so that it doesn't spread any further.
Plants, as with people, can be insulated through layering (like our clothes) or methods that trap in air. Depending on how large your main trunk is, you could even use house-hold materials to help. Pipe insulation - for water pipes etc, is even potentially useful, against extremes, so if you have a fairly lean trunk, you could use some of this wrapped over it. If you get any small plants, 'pups' these can be removed and over-wintered indoors, for example, where they'll keep growing until spring time, when they can be planted out, after being hardened off.
I like to construct a protective barrier from wooden stakes, stapling on plastic, so that it keeps some water out, and then infill with layers of material, as well as some other barriers. Some of the material that I use to protect my plants include polystyrene sheeting that I get for free from shops, or as packaging that I've bought products in, dried leaves and straw - both of which trap air. On very cold nights etc, I've even laid some old carpet over my construction. A tarpaulin also works well, so use what you have. Chicken wire, or something similar, can also be useful, as a method to entrap dried material within it, but it also allows some air movement. This can again be encased within the larger enclosure.
Another useful tool is some outdoor decorative lights, that will raise the surrounding temperature by a few degrees. These could be wrapped around the whole structure for example. I also warm some bricks in my home, putting them out late at night, wrapped up, where they slowly release their warmth to the surrounding environment. As I'm heating my home anyway, I don't mind a few bricks sitting next to radiators etc. Ensure that there is no risk of anything catching fire though, whatever you do, such as with the electrical lights - many of these are fairly low cost to run, so can be a useful addition to ensuring survival. As heat rises, do what you can do to trap heat in too - so that if you can overhang any material, creating another layer, even a foot or so higher, it will retain some warmth below it. Look for any good insulation materials, even some cardboard, if you can keep it dry, as it traps heat, due to the layers of air within it. Similarly, a nearby car parked, when warm, will gradually release some heat, keeping the temperature a few degrees warmer for longer - depends on the distance of your drive from your plant though.
If you make a surrounding enclosure, ensure that there is some air circulation ability, as this is essential too to ward off build ups of fungi, that can infect plant material. Be prepared to add and remove pieces, according to weather conditions, and replenish anything dry that becomes sodden. Don't be too fearful of snow, as this can also insulate against freezing winds, but clear as you see fit, from over your protected plant enclosure.
So, I've outlined my main methods that I use to protect my bananas and other tender tropicals. You can modify these according to your site and tastes, including reducing the height of your plant, if you wish. I like to aim high, and get the best chances of achieving what I really want, a larger more robust plant come spring time, so I don't usually restrict growth too much, unless I absolutely have to. Whatever you have, you can always reduce it lower over time, if you have or want to.
In spring time, gradually harden off your Musa to being totally unprotected. Start with less materials, and a steadily increasing number of hours per day with lesser and eventually no protection. This will prevent your plant suffering the extra stresses of shock, as there will be some stress from having endured a cold winter, even with protection.
There are tons of materials out there that don't have to cost anything. Even soil is free, and can be banked up around your plant say, for giving an extra few inches of root protection.
Feel free to message me anytime for advice etc.
Hope this helps. Good luck! Rob