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Penguin Example Case #2

There's no doubt that our website got hit by the latest Penguin update. We are nowhere to be found for most of our top keywords and we have no other choice but to pile through our entire backlink profile again to try and get our rankings back. We suspected a problem with our links a while ago so rather than wait to get a manual penalty or worse, a Penguin penalty, we did a complete audit and went through the whole disavow link process. It obviously hasn't helped because we tanked.

I'm just thinking that instead of going through all that again and wasting time and money, it might be better to just start all over with a new domain. I really don't want to go that route but I don't think there is much choice. My biggest concern about doing that is in how to us the content on the old site. Much of it, if not all is pretty good and I'd hate to go through the expense of creating new stuff when it won't be as good and will cost time and more money to accomplish?

On the other hand, if I use the old content, is there a good chance the Penguin penalty will follow us to a new domain?

Please suggest best options? How PBG Would Handle This Problem