when I turn on my galaxy slll it says device memory damaged

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Android Central Question

I've tried turning it on and off several times, and Ive taken out the battery multiple times but still the same "device memory damaged" message. Finally after tryin everything else i tried pushing the "Reset Device" at the bottom of the message and nothing happens.. Nothing at all. I even tried to factory reset by pushing vol. up/home button & power key but that doesnt do anything either. ?¿? Whats wrong with my phone, what do i do now?¿? Please help me!!
 
Basically it's the same thing as having the hard drive on a PC get damaged. It can't be fixed. It will need a motherboard replacement and that costs as much as a new phone that will have better specs and newer OS. All the data is lost as well.