First import the signal handling stuff
import signal
Then in the main function which traps the signal you would have:
signal.signal(signal.SIGUSR1, sighandler)
when the USR1 signal is issued the sighandler function is called. This function would look something like this:
def sighandler(signum, frame):
print "Your resetting code here"
Now in the crontab you can put in code where you issue a
kill -USR1 pidofapp
Obviously you will have to save the processes PID to a file, so you can use it later.