You didn't mention which version of Sonar/Bandlab you are using.
You also didn't mention what hardware you are using, nor did you mention what OS you are running.
these are critical in problem solving your issue.
It could be something as simple as your hardware is no longer supported by a newer OS (Windows 10)
Especially with older Firewire devices.
You cant achieve the higher bit rate because your hardware may be unsupported because the ASIO driver is not recognized.