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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001125282-06-008051.txt : 20061221
<SEC-HEADER>0001125282-06-008051.hdr.sgml : 20061221
<ACCEPTANCE-DATETIME>20061221160025
ACCESSION NUMBER:		0001125282-06-008051
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20061219
FILED AS OF DATE:		20061221
DATE AS OF CHANGE:		20061221

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			STERN ARTHUR
		CENTRAL INDEX KEY:			0001046400

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-26906
		FILM NUMBER:		061293305

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		2015675648

	MAIL ADDRESS:	
		STREET 1:		210 SYLVAN AVENUE
		CITY:			ENGLEWOOD CLIFFS
		STATE:			NJ
		ZIP:			07632

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ASTA FUNDING INC
		CENTRAL INDEX KEY:			0001001258
		STANDARD INDUSTRIAL CLASSIFICATION:	SHORT-TERM BUSINESS CREDIT INSTITUTIONS [6153]
		IRS NUMBER:				223388607
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	BUSINESS ADDRESS:	
		STREET 1:		210 SYLVAN AVE
		CITY:			ENGLEWOOD CLIFFS
		STATE:			NJ
		ZIP:			07632
		BUSINESS PHONE:		2015675648

	MAIL ADDRESS:	
		STREET 1:		210 SYLVAN AVE
		CITY:			ENGLEWOOD CLIFFS
		STATE:			NJ
		ZIP:			07632
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2006-12-19</periodOfReport>

    <issuer>
        <issuerCik>0001001258</issuerCik>
        <issuerName>ASTA FUNDING INC</issuerName>
        <issuerTradingSymbol>ASFI</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001046400</rptOwnerCik>
            <rptOwnerName>STERN ARTHUR</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O ASTA FUNDING, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>210 SYLVAN AVENUE</rptOwnerStreet2>
            <rptOwnerCity>ENGLEWOOD CLIFFS</rptOwnerCity>
            <rptOwnerState>NJ</rptOwnerState>
            <rptOwnerZipCode>07632</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <officerTitle>Chairman and Executive V.P.</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, par value $.01 per share</value>
            </securityTitle>
            <transactionDate>
                <value>2006-12-19</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>15000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                    <footnoteId id="F1"/>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>142084</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">These shares vest in three equal installments.  The first installment will vest 90 days after the grant date, the second a year and 90 days after the grant date, and the third two years and 90 days after the grant date.</footnote>
        <footnote id="F2">Mr. Stern indirectly owns (a) 214,542 shares of Common Stock, which represents Mr. Stern's pecuniary interest in shares held by Asta Group, Incorporated, (b) 349,460 shares of Common Stock, which represents Mr. Stern's pecuniary interest in shares held by Stern Family Investors, LLC, and (c) 995 shares of Common Stock, which represents Mr. Stern's pecuniary interest in shares held by GMS Family Investors LLC, all of which shares are not included in Table I. Mr. Stern does not have voting or investment power with respect to any of the shares held by either LLC and disclaims beneficial ownership of the shares owned by the LLCs.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Erik W. Johnson, Esq., Attorney-In-Fact</signatureName>
        <signatureDate>2006-12-21</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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