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)
                                  June 2, 2003


                               ASTA FUNDING, INC.
                               ------------------
             (Exact name of registrant as specified in its charter)


                                    Delaware
                                    --------
                 (State or other jurisdiction of incorporation)


       0-26906                                         22-3388607
- ------------------------                     ---------------------------------
(Commission File Number)                     (IRS Employer Identification No.)


210 Sylvan Avenue, Englewood Cliffs, New Jersey                       07632
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(Address of principal executive offices)                            (Zip Code)


Registrant's telephone number, including area code: 201-567-5648



Item 5.  Other Events.

         On June 2, 2003, Asta Funding, Inc. announced that it filed a
Registration Statement on Form S-1 for the sale of 2,500,000 shares of its
common stock, consisting of 2,100,000 shares of common stock being offered by
Asta and 400,000 shares of common stock being offered by the selling
stockholders and issued the press release attached to this Current Report on
Form 8-K as Exhibit 99.1.


Item 7.  Financial Statements and Exhibits.

         (c) Exhibits

         99.1  Press release dated June 2, 2003.



                                    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: June 2, 2003                            By: /s/ Mitchell Herman
     --------------                              -------------------------------
                                              Mitchell Herman
                                              Chief Financial Officer

EX-99.1

Exhibit 99.1

                                           FOR IMMEDIATE RELEASE
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CONTACT:
                                           Stephen D. Axelrod, CFA
Mitchell Herman, CFO                       Andria Pilo (Media)
Asta Funding, Inc.                         Wolfe Axelrod Weinberger Assoc. LLC
(201) 567-5648                             (212) 370-4500; (212) 370-4505 (Fax)
                                           STEVE@WOLFEAXELROD.COM


       ASTA FUNDING, INC. ANNOUNCES THE FILING OF A REGISTRATION STATEMENT
                          FOR THE SALE OF COMMON STOCK

ENGLEWOOD CLIFFS, N.J. - June 2, 2003 -- Asta Funding, Inc. (NASDAQ: ASFI), a
leading consumer receivables asset management and liquidation company, today
announced the filing of a Registration Statement on Form S-1 with the Securities
and Exchange Commission relating to a proposed underwritten public offering of
2,500,000 shares of common stock, consisting of 2,100,000 shares of common stock
being offered by the Company and 400,000 shares of common stock being offered by
selling stockholders.

The shares are to be offered by Ryan Beck & Co., Inc. and Brean Murray & Co.,
Inc., as joint lead managing underwriters. In connection with the offering, the
Company has granted the underwriters an option to purchase up to 375,000
additional shares to cover over-allotments, if any.

This offering of common stock will be made only by means of a prospectus. A
written prospectus meeting the requirements of Section 10 of the Securities Act
of 1933, when available, may be obtained from Ryan Beck & Co., Inc., 220 South
Orange Avenue, Livingston, New Jersey 07039 or Brean Murray & Co., Inc., 570
Lexington Avenue, New York, NY 10022-6822.

A registration statement relating to these securities has been filed with the
Securities and Exchange Commission, but has not yet become effective. These
securities may not be sold nor may offers to buy be accepted prior to the time
the registration statement becomes effective. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of these securities in any state in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state.

                    ----------------------------------------

Asta Funding, Inc.

Based in Englewood Cliffs, NJ, Asta Funding, Inc., is a leading consumer
receivables asset management company that specializes in the purchase,
liquidation and management of performing and non-performing consumer
receivables. Asta generates revenues and earnings primarily through purchase and
collection of performing and non-performing consumer receivables. For additional
information, please visit our website at WWW.ASTAFUNDING.COM.

Except for historical information containing herein, the matters set forth in
this news release are "forward looking" statements (as defined in the Private
Securities Litigation Reform Act of 1995.) Although Asta Funding, Inc. believes
the expectations reflected in such forward -looking statements are based upon
reasonable assumptions; there can be no assurance that its expectations will be
realized. Forward -looking statements involve certain risks and uncertainties
that could cause actual results to differ materially from Asta Funding, Inc.'s
expectations. Factors that could contribute to such differences include those
identified in Asta Funding, Inc.'s 10-KSB for the fiscal year ended September
30, 2002, and those described from time to time in Asta Funding, Inc.'s other
fillings with the Securities and Exchange Commission, news releases and other
communications, including that Asta may not be able to purchase consumer
receivable portfolios at favorable prices or on sufficiently favorable terms or
at all. Asta Funding, Inc.'s reports with the Securities and Exchange Commission
are available free of charge through its website at www.astafunding.com.

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