The uploaded file could not be moved error

When trying to upload new content I get the error “The uploaded file could not be moved…”

I’ve perused the forums, Google, and none of the suggestions seem to have alleviated the error. Most of the ideas I’ve come across center around setting file permissions to CHMOD 777. All of the permissions seem to check out. I’ve been using WordPress for well over a year and have never had this issue until recently. One other suggestion focuses on reaching the storage quota. This could very well be the culprit but for the life of me I cannot find where this is listed anywhere. I’ve been looking for hours. I’m using version 4.0.1. Any help would be greatly appreciated. I’m completely out of ideas :/