jordanmoorman84
Thanks for the reply.
There is no guarantee that the 12.1 Update will help for your particular situation. It definitely fixed a Text/Style issue in 12, but after that it was not clear exactly what is was supposed to have fixed.
http://www.atr935.blogspot.com/2014/03/pe12-update-121-released.html
If you say that you have completed similar projects recently, then check for pile ups of preview files, conformed audio, and conformed video files.
Preview files. See Libraries/Documents/Adobe/Premiere Elements/12.0 and the Adobe Premiere Elements Previews Files Folder.
Conformed audio files. See Libraries/Documents/Adobe/Premiere Elements/12.0 and the Media Cache Files Folder.
Conformed video files. See Edit Menu/Preferences/Media and the Media Cache Database area there.
Please review the Adobe document on damaged projects, if you have not already.
Starting a new project may be the way to go, but proceed with caution since the update may be the answer. And, the answer may reside in your Timeline content.
We will be watching for your progress.
ATR