H1b to H4 and back to H1b


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I was working on a H1b visa till i got laid off 2 weeks back and they said they will be revoking my h1b. So i applied COS to H4 last week with my wife's H1b. So, Here is my question.
1. If i find a job now, can the new company still file a H1b TRANSFER and file a cancellation of my H4 COS ? 

2. If yes, how much time do i have before i loose my old H1b (meaning that i can no longer have a H1b TRANSFER and have to apply for new H1b visa)and have to wait till 2015 Oct to start working again??

Please help me out here. I am loosing my sleep.

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