SEVIS expired. Any options?

[rc3572]

I have recently applied and got admission into one of the universities since my OPT had expired. At the time of joining, I was let know that I had to transfer my SEVIS record which I forgot and has expired at my old university. 
Current situation:
My old university let me know that my current SEVIS record is completed and non-transferable. My new university has advised me to go back to India on their initial I20 and a new F1 visa stamping.

Is there any other option other than traveling to India especially since I had overstayed one month while figuring out about SEVIS and have a higher chance of not returning back if I go back to India for F1 stamping again.

[jairichi]

Your stay past SEVIS expiry may be considered unlawful presence. You need to exit right away & go for visa stamping.

[suddamurrahman]

I had started my MBA program on Fall 2014. After completing two semester I returned to my country. I am planning to reenter United States after seven months with a new initial I-20 form and a new SEVIS ID after my previous SEVIS ID has been terminated and I paid the fee again. I will be continuing with the same university same program, where I left. My visa will expire in 2019.

 

The International Student Adviser from my University confirmed that I do not need to apply for a visa again. Also from different websites I found that, it’s common to travel US with an old visa and new I-20 but the visa need to be valid.

 

Query 1: So, I was wondering about my visa status, is my visa still valid to reenter United States?

 

Query 2: Further my wife and spouse are planning to apply for F2 visa soon. Is there any chance that my current status (new SEVIS ID and new I-20, after being out of the country for more than five months) might cause their visa denial? I am not referring to some other cause that might cause their visa denial, solely about the impact of my visa status on their visa.