What do you want to know from the amount of debt level?
Assets are things (can't remember a better word now) that a company controls. What a company controls are what the shareholders/owners have put into it (equity) and what liabilities/debt it has incurred/borrowed. That is, A = L + E.
Ideally you'd want to buy into a company that has little or no debt. For a few reason: less debt mean you own more of the company (higher Eq.); less debt mean less chance of default and going bankrupt, less risk in terms of interest rate rise etc... and also, less debt mean greater potential ability to borrow when times are tough or when they find a good investment opportunity...
If a company have too much debt and its operations/earnings cannot cover interests repayment or can't stand tough times too well... what it will mean is it will most likely raises more cash from you and other owners... ie. your ownership will be diluted.
So what's a good level? Like Gulamay said, best not to be more than equity... but then if the company can't borrow so have to raise new equity, thus lowering its debt/equity ratio, it might still be bad.
So know the context and how it works and relates... a simple figure tend not to tell you much.