Well, I know that you can have up to 10 characters max at a time with their own abilities that you choose for each, their own clothing, and their own level. So lets just say that you got every single character up to max level, and chose all of their abilities. Is it possible to reset one of the characters abilities to start fresh? I apologize if this has come up before.

I assume you can delete a character outright, if you want. You can also sacrifice one level (in your example moving down from level 20 to level 19) to reset all your abilities, and then redistribute them.

i'd bet Kienan is right, why couldnt you delete a character

You can. I'd rather not have to dig up the dev quote, but trust me, you can reset or delete your characters any time you want.

Oh I assumed that you could, but just wanted to make sure. I also think Kienan is right. Thanks guys.

Well yeah, I'm sure you will be able to outright delete a character, but the question remains if you will be able to reset your character back to level 1 or not.
The way the game is built, I assume no. Because it wouldn't make much sense to add a reset when you can just delete it. Because if you reset, you loose everything you unlocked along the way.

Like other games, the name you chose for your character (I'm assuming they let you do this) is bound to the account from 12-24 hours so it doesn't get taken when you're remaking.
Mehs, rabble rabble.

Edit: Ninja'd by Hatter.