After each scenario, whether you won or lost, you must rebuild your deck. Start by combining your discards with your hand, your deck, your bury pile, and any cards you displayed; you may then trade cards with other characters. Your deck must end up meeting the deck list requirements on your character. You may not keep cards whose level is higher than the most recently played scenario’s #, with the exception of Loot cards you earned as part of a reward (see the Loot section for more details).
If you can’t construct a valid deck from the cards your group has available because you don’t have enough of certain cards, choose the extra cards you need from the vault, with a maximum level of the most recently played scenario’s # minus 2 (minimum 0). If you have cards left over after rebuilding all of the surviving characters’ decks, put them back in the vault.
If you want to start a new character, you may, but it’s important that you do not keep decks built for characters you’re not actively playing — doing so would use up cards that you should be encountering during play. If you switch characters for some reason, it’s best to write down the cards in the previous character’s deck (or use the free character sheets posted online at paizo.com/pacg) and return the cards to the vault until you want to play that character again.