Options if I get laid off - having an L1 visa expiring in Dec09

[funkie_orbit]

Friends,

I work in the financial services industry and have a risk of getting laid off in the near future. My L1 expires on Dec09 but if I get fired what are my options? Do I have to go back to India? How many days grace period can I get? What are my rights as a alien worker?
My wife is currently studying under F-1.

Shall appreciate an early response.

[txh1b]

No rights as such other than them paying for your return transportation home. You can change status to F2 and remain legal. No grace period after losing job on L1. Immediately file for a COS.