Time Machine no longer backing up files.

so basically my question is... what do i do? is there a way to recover files? do i need to wipe out all data on my TC?
this is the story....
-TC was good for 2 months.
-I tell TC to backup.
-It takes FOREVER to "preparing backup..."
-then a window pops up that says,
"*Time Machine Error*
The backup disk image could not be mounted"
-When i go to Time Capsule in Finder, it doesnt say "My Backup's" anymore theres something that looks like it replaced that, which says "MyMacbook32r_2rf.Sparcebundle"
-Also, when trying to access old files via Time Machine... nothing happens.
-Another window just popped up that said,
"The Storage Location for Time Machine Backups Can't be Found"
Recent things that happened that could have caused this...
i tried downloading a movie in my TC but it was way too slow downloading so i just cancelled.
i downloaded another movie to my TC, Pineapple Express, and that worked.. but i couldnt seem to find it in the TC. i always had to open QT and go to recently played and use it from there. sketchy.
I tried using that Disk Utility thing...
2008-11-05 10:42:43 -0500: Disk Utility started.
2008-11-05 10:46:15 -0500: Verify and Repair volume “Backup of Bradley Stewart’s MacBook”
Starting repair tool: 2008-11-05 10:46:15 -0500
2008-11-05 10:46:16 -0500: Checking Journaled HFS Plus volume.
2008-11-05 10:46:16 -0500: Detected a case-sensitive catalog.
2008-11-05 10:46:17 -0500: Checking Extents Overflow file.
2008-11-05 10:46:17 -0500: Checking Catalog file.
2008-11-05 11:50:11 -0500: Invalid sibling link
2008-11-05 11:50:11 -0500: Volume check failed.
2008-11-05 11:50:11 -0500: Error: Filesystem verify or repair failed.2008-11-05 11:50:11 -0500:
2008-11-05 11:50:11 -0500: Disk Utility stopped repairing “Backup of Bradley Stewart’s MacBook” because the following error was encountered:
Filesystem verify or repair failed.
2008-11-05 11:50:11 -0500:
2008-11-05 12:34:43 -0500: Verifying volume “Backup of Bradley Stewart’s MacBook”
Starting verification tool: 2008-11-05 12:34:43 -0500
2008-11-05 12:34:43 -0500: Checking Journaled HFS Plus volume.
2008-11-05 12:34:43 -0500: Detected a case-sensitive catalog.
2008-11-05 12:34:44 -0500: Checking Extents Overflow file.
2008-11-05 12:34:44 -0500: Checking Catalog file.
2008-11-05 12:56:47 -0500: Invalid sibling link
2008-11-05 12:56:47 -0500: Volume check failed.
2008-11-05 12:56:47 -0500: Error: Filesystem verify or repair failed.2008-11-05 12:56:47 -0500:
2008-11-05 12:56:47 -0500: Disk Utility stopped verifying “Backup of Bradley Stewart’s MacBook” because the following error was encountered:
Filesystem verify or repair failed.
2008-11-05 12:56:47 -0500:

These suggestions have worked for others...
*_"The Backup Disk Image Could Not Be Mounted"_*
First, it is important to distinguish this error message from another, similar Time Machine error that states “The backup volume could not be mounted”. This is important as the causes and cures for these two errors can be very different.
Consider each topic below separately. When one option does not resolve your issue, then move on the next one.
*Unmount the Backup Disk Image* (TC)
If, for some reason, you have manually mounted the Time Machine backup disk image (sparsebundle), or Time Machine failed to eject it after the previous backup, subsequent backups may fail. (Console - “Failed to mount disk image”… “Backup failed with error: 21”)
Eject the backup disk image (white drive icon) by either clicking the little Eject icon to the right of the disk image in the Finders’ Sidebar, or Ctrl-Click the drive icon on the desktop and select “Eject” from the contextual menu. Now try backing up again or launching Time Machine to view previous backups.
*“Disconnect All Users…”:* #
If your Time Machine backup drive (“Backup of Users Computer”) is mounted on your desktop or in the Sidebar of the Finder window. then Time Machine may think the drive is already in use. Alternatively, if the Time Capsule hard disk has been recently accessed by a Windows machine, it may not have fully relinquished control. Do the following:
Open Airport Utility and select the Time Capsule on the left.
Click “Manual Setup”.
Select “Disks” at top of window.
Click “Disconnect All Users…” at bottom of window.
Close the Airport Utility.
Now try Backing up again.
One poster reported: “I got it resolved. Apparently it had to do with one of the files being open on the disk from the drive. I had browsed the disk with one of my windows boxes here and it must have left one of the folders "open". Anyway, I rebooted the TC and we are good to go now.”
*Proper Computer Name* #
Make sure your computer has a proper name. Go to System Preferences --> Sharing. Time Machine needs to differentiate your computer from others on your network (i.e. "Bills MacBook" or "Office iMac"). If the "Computer Name" field is blank, create a name. Realize that if this step is necessary, you will likely have to start the Time Machine backup process over again and do another full initial backup.
According to this article, [http://support.apple.com/kb/TS1760], Time Machine may experience problems if your computer name includes certain characters. Make sure the computer name only includes ASCII characters from the following set.
Once a change in the computer name occurs, you should stop and restart Sharing on the affected computer. Uncheck and then recheck Sharing in the Services list on the left.
Also, try removing the apostrophe from the disk images name (sparsebundle).
Let us know if any of the suggestions above helped to resolve your issue.