Everyone has 11500Xp.
You can remake your character in any way you see fit, but you must keep the same class and race.
You can choose one magic item up to level 8, one up to level 7, and one up to level 6.
You can also have 2500gp to spend on gear. You can spend this on magic items as normal, or keep it. Whatever you keep is halved.
If you choose to take new items and gold, you lose whatever items you currently have.
Whatever rituals you have stay the same. You cannot buy new ones.
Tim and Dave, you can keep your dog and drakes for free.