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

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

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

<P align="center" style="font-size: 10pt"><B>Date of Report (Date of earliest event reported): February 20, 2009</B>

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<P align="center" style="font-size: 24pt"><B>ASTA FUNDING, INC.<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
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    <TD style="border-bottom: 1px solid #000000"><B>Delaware</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>0-26906</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>22-3388607</B></TD>
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<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>
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    <TD style="border-bottom: 1px solid #000000"><B>210 Sylvan Avenue, Englewood Cliffs, New Jersey<BR></B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>07632</B></TD>
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    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
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<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>201-567-5648</B>


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    <TD nowrap>(Former name or former address if changed since last report.)</TD>
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<P align="left" style="font-size: 10pt">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:

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<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</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">&#111;</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 align="left" style="font-size: 10pt"><B>Item&nbsp;5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal
Officers</B>



<P align="left" style="font-size: 10pt">As previously announced by Asta Funding, Inc. (the &#147;Company&#148;), Mitchell Cohen, its former Chief Financial
Officer, left the Company to relocate and take another position on February&nbsp;20, 2009, the date on which the Company
filed its Annual Report on Form 10-K for the year ended September&nbsp;30, 2008.&nbsp; Mr.&nbsp;Cohen was replaced&nbsp;as Chief
Financial Officer by Robert J. Michel, CPA, age&nbsp;52,&nbsp;who has been with the Company since 2004 and has served as the
Company&#146;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 &#038; Company LLP, a CPA firm located in Great Neck, New York. Mr.&nbsp;Michel&#146;s base compensation is
$200,000 per year. Mr.&nbsp;Michel is not under contract as he is an at will employee.



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



<P align="left" style="font-size: 10pt; text-indent: 4%">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 align="left" style="margin-left:4%; font-size: 10pt"><B>ASTA FUNDING, INC.</B>


<P align="left" style="margin-left:4%; font-size: 10pt">Date:&nbsp;&nbsp; <U>&nbsp;&nbsp;March&nbsp;12, 2009&nbsp;&nbsp;</U>


<P align="left" style="margin-left:4%; font-size: 10pt">By:&nbsp;&nbsp;<U>/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>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gary Stern<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman, President and Chief Executive Officer<BR>




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



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




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8-K
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 20, 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
As previously announced by Asta Funding, Inc. (the "Company"), Mitchell Cohen, its former Chief Financial
Officer, left the Company to relocate and take another position on February 20, 2009, the date on which the Company
filed its Annual Report on Form 10-K for the year ended September 30, 2008.  Mr. Cohen was replaced as Chief
Financial Officer by Robert J. Michel, CPA, age 52, 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. Mr. Michel's base compensation is
$200,000 per year. Mr. Michel is not under contract as he is an at will employee.
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:
March 12, 2009
By:
/s/ Gary Stern
Gary Stern
Chairman, President and Chief Executive Officer
3