Urgent Help - H1B to H4


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I am looking for some urgent advice and would really appreciate if anyone can provide guidance. I entered US on H4 visa in 2014. An employer applied H1B visa for me in Apr 2015 which finally got approved in Apr 2016 after 2 RFEs. I was initially on unpaid leave and have been working for last 2 months but due to some reason my employer is closing the company and my last day will be 15th, Oct 2016. I have following questions:

1) If I apply for COS now from H4 to H1, how much time would it take (seems it can run into 7-8 months)? Can I travel outside US  while my COS is pending? Would travelling make my COS void?

2) I might have to travel to India with next couple of weeks due to some family situation, should I leave immediately without applying COS and file a new application for H4 and try to get H4 approved and stamped at US consulate in India? I moved from H4 to H1 in between, can it be an issue during visa interview/approval and might lead to H4 rejection?

I am really confused and would really appreciate if anyone can share their views or experience if someone faced a similar situation?



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