UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549
                               ------------------

                                    FORM 10-K

[X]      Annual  report  pursuant  to  Section  13 or  15(d)  of the Securities
         Exchange   Act  of  1934 for the March 1, 2002 (Commencement of
         Operations) Operations) to December 31, 2002

[ ]      Transition report pursuant to Section 13 or 15(d) of the
         Securities Exchange Act of 1934 for the transition period from   to


                       Commission File Number 333-56242-07


                    BEAR STEARNS ASSET BACKED SECURITIES INC
             (Exact name of registrant as specified in its charter)


       Delaware                                        13-3836437
 (State or other jurisdiction of               (IRS Employer Identification No.)
     incorporation)

245 Park Avenue
New York, New York                                         10167
(Address of principal executive offices)                (Zip Code)

Registrant's telephone number, including area code : (212) 272-4095

                        ABFS Mortgage Loan Trust 2002-1
               Mortgage Pass-Through Certificates, Series 2002-1
            (Title of each class of securities covered by this Form)

Securities registered pursuant to Section 12(b) of the Act:  None
Securities registered pursuant to Section 12(g) of the Act:  None

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation  S-K is not contained  herein,  and will not be contained,  to the
best of registrant's  knowledge,  in definitive proxy or information  statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]

Documents incorporated by reference:  None




<PAGE>

BEAR STEARNS ASSET BACKED SECURITIES INC.
ABFS Mortgage Loan Trust 2002-1
Mortgage Pass-Through Certificates, Series 2002-1
-----------------------------------------------------------------------


PART I

Item 1.  Business

         Omitted.

Item 2.  Properties

         Omitted.

Item 3.  Legal Proceedings

The  Registrant is not aware of any material legal  proceeding  with respect to,
the Company, the Master Servicer or the Trustee, as related to the Trust.

Item 4.  Submission of Matters to a Vote of Security Holders

No  matter  was  submitted  to a vote  or  consent  of  Holders  of the  Offered
Certificates during the fiscal year covered by this report.


PART II

Item 5.  Market for Registrant's Common Equity and Related Stockholder Matters

The Trust does not issue stock. There is currently no established secondary
market for the Certificates.   As of December 31, 2002, the number of holders of
each Class of Offered Certificates was 36.


Item 6.  Selected Financial Data

         Omitted.

Item 7.  Management's Discussion and Analysis of Financial condition and
         Results of Operations

         Omitted.

Item 8.  Financial Statements and Supplementary Data

         Omitted.

Item 9.  Changes in and Disagreements with Accountants on Accounting and
         Financial Disclosure

There was no change of  accountants  or  disagreement  with  accountants  on any
matter of accounting principles or practices or financial disclosure.


                                      -2-

<PAGE>

PART III

Item 10. Directors and Executive Officers of the Registrant

         Omitted.

Item 11. Executive Compensation

         Omitted.

Item 12. Security Ownership of Certain Beneficial Owners and Management

         Omitted.


Item 13. Certain Relationships and Related Transactions

No reportable transactions have occurred.


PART IV

Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K

(a) The following documents are filed as part of this report:

    (1) Financial Statements:
         Omitted.

    (2)  Financial Statement Schedules:
         Omitted.

    (3)  Exhibits:

     Annual Statement as to Compliance,  filed as Exhibit 99.1 hereto.
     Annual Independent Public Accountants' Servicing Report
            filed as Exhibit 99.2 hereto.

(b)  Reports on Form 8-K: The  following  Current  Reports on Form 8-K were
     filed by the Registrant for the last quarter of 2002.

     Current Reports on Form 8-K dated October 15, 2002,  November 15, 2002, and
December  16, 2002 were filed for the  purpose of filing the  Monthly  Statement
sent to the Holders of the Offered  Certificates  for payments  made on the same
date. The items reported in such Current Report were Item 5 (Other Events).

(c)   Exhibits to this report are listed in Item (14)(a)(3) above.

                                      -3-

<PAGE>

Annual report  pursuant to Section 13 or 15(d) of the  Securities  Exchange
Act of 1934 for the fiscal year ended December 31, 2002

BEAR STEARNS ASSET BACKED SECURITIES INC.
ABFS Mortgage Loan Trust 2002-1
Mortgage Pass-Through Certificates, Series 2002-1
-----------------------------------------------------------------------

SIGNATURE

Pursuant to the  requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934,  the  registrant  has duly  caused  this report to be signed on its
behalf by the undersigned thereunto duly authorized.


                                 AMERICAN BUSINESS CREDIT, INC.


Date:  March 24, 2003            By:   /s/ Jeffrey M. Ruben
                                     --------------------------------------
                              Name:  Jeffrey M. Ruben
                            Title:   Executive Vice President






                                      -4-
<PAGE>


               CERTIFICATION OF AMERICAN BUSINESS CREDIT, INC.

Issuer:  ABFS 2002-1, Inc.

     I, Jeffrey M. Ruben,  the  Executive  Vice  President of American  Business
Credit,  Inc.,  the  servicer of the asset backed  securities  issued by Issuer,
certifies that:

     1. I have reviewed this annual report on Form 10-K, and all reports on Form
8-K  containing  distribution  or servicing  reports filed in respect of periods
included in the year covered by this annual report, of Bear Stearns Asset Backed
Securities Inc. with respect to the Issuer;

     2. Based on my knowledge,  the  information  in these  reports,  taken as a
whole, does not contain any untrue statement of a material fact or omit to state
a  material  fact  necessary  to make  the  statements  made,  in  light  of the
circumstances  under which such  statements  were made, not misleading as of the
last day of the period covered by this annual report;

     3.  Based  on my  knowledge,  the  distribution  or  servicing  information
required to be provided  to the  trustee by the  servicer  under the pooling and
servicing, or similar,  agreement, for inclusion in these reports is included in
these reports;

     4. Based on my knowledge and upon the annual compliance  statement included
in the report and required to be delivered to the trustee in accordance with the
terms of the  pooling  and  servicing,  or  similar,  agreement,  and  except as
disclosed in the reports,  the servicer has fulfilled its obligations  under the
servicing agreement; and

     5. The  reports  disclose  all  significant  deficiencies  relating  to the
servicer's compliance with the minimum servicing standards based upon the report
provided by an  independent  public  accountant,  after  conducting  a review in
compliance with the Uniform Single  Attestation  Program for Mortgage Bankers or
similar  procedure,  as set forth in the  pooling  and  servicing,  or  similar,
agreement that is included in these reports.

     I have  disclosed to the  registrant's  certified  public  accountants  all
significant  deficiencies relating to the servicer's compliance with the minimum
servicing  standards  in  accordance  with  pooling and  servicing,  or similar,
agreement, that is included in these reports.


    Signature:  /s/ Jeffrey M. Ruben
               --------------------------------------
                 Jeffrey M. Ruben

        Title:   Executive Vice President

         Date:   March 24, 2003




                                      -5-
<page>



SUPPLEMENTAL  INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION
15(D) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO
SECTION 12 OF THE ACT.

The  registrant  has not sent an annual report or proxy material to its security
holders.  The registrant  will not be sending an annual report or proxy material
to its security holders subsequent to the filing of this form.

                                      -6-
<PAGE>


                                 EXHIBIT INDEX

Exhibit     Description

 99.1       Servicer's Annual Statement of Compliance
 99.2       Servicer's Annual Independent Accountant's Report



                                      -7-
<PAGE>

EXHIBIT 99.1 - Servicer's Annual Statement of Compliance


American Business Credit Inc.
BalaPointe Office Centre
111 Presidential Blvd.
Bala Cynwyd, PA  19004
Phone 610.668.2440
Fax  610.668.1468

January 21, 2003

BDO Seidman, LLP
1700 Market Street, 29th Floor
Philadelphia, PA  19103

BDO Seidman LLP:

As of and for the year ended December 31, 2002,  American Business Credit,  Inc.
has complied in all material respects with the minimum  servicing  standards set
forth  in  the  Mortgage  Bankers   Association  of  America's   Uniform  Single
Attestation  Program  for  Mortgage  Bankers.  As of and for this  same  period,
American  Business  Credit,  Inc. had in effect a fidelity bond and an errors an
omissions policy in the amounts of $5,000,000 and $2,000,000, respectively.

Sincerely,

/s/ Anthony J. Santilli                         Date:  1/29/03
---------------------------------------
President and Chief Executive Officer
American Business Financial Services, Inc.
(On behalf of American Business Credit, Inc.)


/s/ Albert W. Mandia                            Date:  1/29/03
----------------------------------------
Executive Vice President and Chief Financial Officer
American Business Financial Services, Inc.
(On behalf of American Business Credit, Inc.)


/s/ Jeffrey M. Ruben                            Date:  1/29/03
----------------------------------------
Executive Vice President
American Business Financial Services, Inc.
(On behalf of American Business Credit, Inc.)


/s/ Carole Santilli                             Date:  1/28/03
----------------------------------------
Vice President Servicing
American Business Financial Services, Inc.
(On behalf of American Business Credit, Inc.)

/s/ John Borys                                  Date:  1/28/03
----------------------------------------
Senior Vice President Cash Collections
American Business Financial Services, Inc.
(On behalf of American Business Credit, Inc.)


/s/ Anna Bucceroni                              Date:  1/28/03
----------------------------------------
Senior Vice President Securitization
American Business Financial Services, Inc.
(On behalf of American Business Credit, Inc.)

                                      -8-

<page>


EXHIBIT 99.2 - Servicer's Annual Independent Accountant's Report


BDO Seldman, LLP
Accountants and Consultants
1700 Market Street, 29th Floor
Philadelphia, PA  19103-3962
Telephone (215) 636-5500
Faz (215) 636-5501

Independent Accountants' Report

American Business Credit, Inc.
Bala Cynwyd, Pennsylvania

We have examined  management's  assertion about American Business Credit, Inc.'s
compliance  with the minimum  servicing  standards  identified  in the  Mortgage
Bankers Association of America's Uniform Single Attestation Program for Mortgage
Bankers  (USAP) as of and for the year ended  December 31, 2002  included in the
accompanying  management  assertion.  Management  is  responsible  for  American
Business Credit,  Inc.'s compliance with those minimum servicing standards.  Our
responsibility  is to express an opinion  on  management's  assertion  about the
entity's compliance based on our examination.


Our examination was made in accordance with attestation standards established by
the  American  Institute  of  Certified  Public  Accountants  and,  accordingly,
included  examining,  on a test basis,  evidence about American Business Credit,
Inc.'s compliance with the minimum servicing standards and performing such other
procedures as we considered  necessary in the cicumstances.  We believe that our
examination  provides a reasonable  basis for our opinion.  Our examination does
not provide a legal determination on American Business Credit, Inc.'s compliance
with the minimum servicing standards.

In our opinion,  management's  assertion  that American  Business  Credit,  Inc.
complied with the aforementioned  minimum servicing  standards as of and for the
year ended December 31, 2002 is fairly stated, in all material respects.

/s/ BDO Seidman, LLP
------------------------------


January 14, 2003


                                      -9-