What do you mean?

    logit fits a maximum-likelihood logit model.  depvar=0 indicates a negative outcome; depvar!=0 &
    depvar!=. (typically depvar=1) indicate a positive outcome.

The depvar shall indicate merely two outcomes whether it looks like a conituous variable.

sorry
reg  totaldebt_3 ageowner_3 if  totaldebt_3>1 this a correct code?

This code can be run/done.

But I don't know what the model indicates.

把你的问题要表述清楚，让别人理解了你要做什么，才好给你提供帮助