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<P style="font-size: 14pt" align="center"><B>UNITED STATES<BR>
SECURITIES AND
EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P style="font-size: 18pt" align="center"><B>FORM 8-K</B>

<P style="font-size: 12pt" align="center"><B>CURRENT REPORT<BR>
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest
event reported): February 4, 2009</B>


<P style="font-size: 24pt" align="center"><B>ASTA FUNDING, INC.<BR>
</B><FONT
style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>
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cellpadding="0" width="100%" border="0">

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  <TD width="32%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="32%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>Delaware</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>0-26906</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>22-3388607</B></TD>
 </TR>
 <TR valign="top">
  <TD>(State or other Jurisdiction of Incorporation)</TD>
  <TD>&nbsp;</TD>
  <TD>(Commission File Number)</TD>
  <TD>&nbsp;</TD>
  <TD>(IRS Employer Identification No.)</TD>
 </TR>

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cellpadding="0" width="100%" border="0">

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  <TD width="49%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="49%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>210 Sylvan Avenue, Englewood
Cliffs, New Jersey<BR>
</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>07632</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
 </TR>

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<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number,
including area code: <B>201-567-5648</B>
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  <TD style="border-bottom: #000000 1px solid" nowrap><B>&nbsp;</B></TD>
 </TR>
 <TR>
  <TD nowrap>(Former name or former address if changed since last report.)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="left">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:

<P style="font-size: 10pt" align="left"><FONT face="Wingdings">o</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


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<P style="font-size: 10pt" align="left"><B>&nbsp;</B>

<P style="font-size: 10pt; text-indent: 2%" align="left"><B>Item&nbsp;5.02
Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers</B>

<P style="font-size: 10pt; text-indent: 1%" align="left">Asta Funding, Inc.
(the &#8220;Company&#8221;) announced&nbsp;that Mitchell Cohen, its Chief
Financial Officer, will be leaving the Company to relocate and take another
position.&nbsp; A date has not&nbsp;yet been set for his departure as
Mr.&nbsp;Cohen intends to stay with the Company&nbsp;until the latest banking
arrangements are finalized and the Company has filed its&nbsp;Form
10-K&nbsp;for fiscal 2008.&nbsp;&nbsp;Mr.&nbsp;Cohen will continue to consult
with the Company to insure a smooth transition, and will receive a consulting
fee of $5,000 per month for six months.&nbsp; The Board has also agreed to
accelerate the vesting of 5,000 shares of restricted stock of the Company which
otherwise would have vested on&nbsp;March&nbsp;19, 2009. &nbsp;

<P style="font-size: 10pt; text-indent: 1%" align="left">&nbsp; Mr.&nbsp;Cohen
will be replaced&nbsp;as Chief Financial Officer by Robert J. Michel, CPA,
age&nbsp;51,&nbsp;who has been with the Company since 2004 and has served as
the Company&#8217;s Controller since January&nbsp;2008. Prior to taking the
Controller position, Mr.&nbsp;Michel was the Director of Financial Reporting
and Compliance at the Company.&nbsp; Prior to working for the Company,
Mr.&nbsp;Michel was a partner at Laurence Rothblatt &amp; Company LLP, a CPA
firm located in Great Neck, New York.

<P style="font-size: 10pt; text-indent: 1%" align="left">Additionally, Arthur
Stern as of January&nbsp;2009 has stepped down as an employee of the Company,
although he will continue to serve on the Board, with the title Chairman
Emeritus&nbsp;and to consult for a combined annual directors and consulting fee
of $300,000.&nbsp; Mr.&nbsp;Stern&nbsp;founded the Company and has served as
Executive Vice President and Chairman of Board of the Company since 1995. Gary
Stern, President and Chief Executive Officer of the Company, is assuming the
additional role of Chairman of the Board.

<P style="font-size: 10pt" align="center">2

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">2
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<P style="font-size: 10pt" align="left"><B>&nbsp;</B>

<P style="font-size: 10pt" align="center"><B>SIGNATURE</B>

<P style="font-size: 10pt; margin-left: 2%; text-indent: 2%"
align="left">Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.

<P style="font-size: 10pt; margin-left: 46%" align="left"><B>ASTA FUNDING,
INC.</B>

<P style="font-size: 10pt; margin-left: 2%" align="left">Date:<U>
February&nbsp;4, 2009</U>

<P style="font-size: 10pt; margin-left: 46%" align="left">By:<U> <B>/</B>s/
Gary
Stern&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Gary
Stern<BR>
Chief Executive Officer<BR>


<P style="font-size: 10pt" align="center">&nbsp;

<P style="font-size: 10pt" align="center">3

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{"company-data": {"conformed-name": "ASTA FUNDING INC", "cik": "0001001258", "assigned-sic": "6153", "irs-number": "223388607", "state-of-incorporation": "DE", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-26906", "film-number": "09568423"}, "business-address": {"street1": "210 SYLVAN AVE", "city": "ENGLEWOOD CLIFFS", "state": "NJ", "zip": "07632", "phone": "2015675648"}, "mail-address": {"street1": "210 SYLVAN AVE", "city": "ENGLEWOOD CLIFFS", "state": "NJ", "zip": "07632"}}
Filed by Bowne Pure Compliance
UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest
event reported): February 4, 2009
ASTA FUNDING, INC.
(Exact name of registrant as specified in its charter)
Delaware
0-26906
22-3388607
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
210 Sylvan Avenue, Englewood
Cliffs, New Jersey
07632
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number,
including area code:
201-567-5648
(Former name or former address if changed since last report.)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02
Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers
Asta Funding, Inc.
(the "Company") announced that Mitchell Cohen, its Chief
Financial Officer, will be leaving the Company to relocate and take another
position.  A date has not yet been set for his departure as
Mr. Cohen intends to stay with the Company until the latest banking
arrangements are finalized and the Company has filed its Form
10-K for fiscal 2008.  Mr. Cohen will continue to consult
with the Company to insure a smooth transition, and will receive a consulting
fee of $5,000 per month for six months.  The Board has also agreed to
accelerate the vesting of 5,000 shares of restricted stock of the Company which
otherwise would have vested on March 19, 2009.
Mr. Cohen
will be replaced as Chief Financial Officer by Robert J. Michel, CPA,
age 51, who has been with the Company since 2004 and has served as
the Company's Controller since January 2008. Prior to taking the
Controller position, Mr. Michel was the Director of Financial Reporting
and Compliance at the Company.  Prior to working for the Company,
Mr. Michel was a partner at Laurence Rothblatt & Company LLP, a CPA
firm located in Great Neck, New York.
Additionally, Arthur
Stern as of January 2009 has stepped down as an employee of the Company,
although he will continue to serve on the Board, with the title Chairman
Emeritus and to consult for a combined annual directors and consulting fee
of $300,000.  Mr. Stern founded the Company and has served as
Executive Vice President and Chairman of Board of the Company since 1995. Gary
Stern, President and Chief Executive Officer of the Company, is assuming the
additional role of Chairman of the Board.
2
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
ASTA FUNDING,
INC.
Date:
February 4, 2009
By:
/
s/
Gary
Stern
Gary
Stern
Chief Executive Officer
3