L1 to H4 Visa

[Samu]

Hi
Firstly would like to Thank immihelp.com Forum, as I have been relying a lot on these Forums since couple of years.Today I need some help in my own case:
I have been in the US on L1 since April 2008. My Husband is on H1B here. Due to the Economic Crisis, which has also started affecting our Org a bit, I am sensing the coming of the Brutal word "Layoff" in our dept.
- If I get laid off on L1, how much time do I get to file for my H4?
- Also will I have to go to India and get my H4 stamped or can I stay in the US and get my H4 Processed?
- Will my L1 be still valid and for how long?
- Can I take up Job with my current employer in the future on the existing L1?
Thanks a lot in advance

[txh1b]

-Immediately. Keep everything ready and send the forms out as soon as you hear the layoff to USCIS.
- Once the H4 COS application reaches USCIS when you hold a valid L1 status, you can stay until it is processed. You can as well go out and get a H4 visa but you have to ensure you leave immediately after the L1 termination and not accumulate unauthorized stay.
- No grace period once you lose the job.
- Depends. They have to file for a COS back to L1 again.