Updated WordPress now database is broken

Hey Guys,
I had one of my sites hacked through the timthumb hack that had been going around. Because of this I need to reinstall quite a bit of my site to make sure no files are still corrupted.

I decided to move my site to a new host as well. So the steps ive taken so far are:
1)Downloaded a fresh version of wordpress and installed that to my new domain (did not run install.php, just ftp’d the files over).
2)Installed a backup of my database and edited both the siteurl and home options to my new database.

Now heres where I already hit a snag. I get a server 500 error when trying to log in now and I believe it is because my old database is exactly that, old. Would a database that was running off an older version of wordpress break since I updated it?

Any help would be greatly appreciated. Thanks!