Fix :: Setting up backup for new hard drive and get "The filename, directory name, or volume label syntax is incorrect" error

I had this problem today as I was swapping to another external hard drive. I tried reformatting, renaming, re- lettering, and deleting the volume of the drive to get it to work properly. In the end I found this article on microsoft support.

I fixed my problem simply by reattaching the old hard drive and letting it run through the wizard. At which point it would allow the reformat and rescheduling to complete successfully. After a successful complete I was able to disconnect the old hard drive.