H1 B Extension in 6th year


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Please let me know my options.

I have my current H1b which expires in May 7 2013. But my Visa Max date is Oct 2013 and i have 5 more months of Visa re-capture period.

I have my Perm which is in Audit and Pending - PD is July 18 2012.

My Employer is asking me to wait till we get I-140 approved - so that we can get 3 year extension. He is asking me to leave country after May 7 2013 and enter once my new H1 is Approved.

As i have still alomost 10 months still left on my current H1 - could we apply extesnion just for 10 months.

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