Urgent Help

[FindingAnswers]

I have an urgent situation where my employer is filing bankruptcy anytime (not sure chapter 7 or 11 or 13). I haven't received a termination notice yet it might come anytime if he decides to go under chapter 7 and there might not be a notice period either to react. I understand that I need to be changing employer ASAP and am working on the same. Wanted to understand:

 

1. I believe that from the termination date onwards, I will be out of status (h1b). If I move to another employer and the petition is approved then the status is reinstated. Is that true?
2. I have an approved I-140 under EB3. What happens to that? Is it revoked automatically? The employer has said he won't be revoking H1b, PERM or I140 even under chapter 7.
3. Can I get some notice time to make my moves under the termination letter. Does it have to be effective now scenario?
4. What are the chances that the H1b extension will come through if my client is sponsoring. H1b expires on June 30th. I140 is approved and I am in my 8th year of H1b
5. The lawyers are suggesting me to concentrate only on finding another employer and apply for a transfer within a reasonable time (ASAP since no notice has been received yet and 10 days from termination date or latest by 30 days as an upper limit). Makes complete sense. How soon do I need to start the GC process again to retain my PD?
6. Will my situation be any better (temperorily) if he dosent go for chapter 7 and goes for chapter 11/13. Can that give me some time to get out of this mess?
7. If nothing works out immediately, can I move on to B2 visa? Can I even get back to H1b since extensions are based on I-140.
8. Is it true that chapter 7 company can have employees after filing for it? What happens if you receive paystubs but money is not credited to your account for the last month?
9. If at all H1b / I140 is automatically revoked by USCIS due to bankruptcy action, is it done upon filing of bankruptcy or actual winding up date? Is the company closed the day it files for bankruptcy or it simply stops creditor calls from that point?

A lot is at stake and am trying to salvage the essentials focusing more on H1b status and Transfer but have to deal with other issues (may be lower in priority at this stage). Truly appreciate if someone with a layoff/termination experience can chip in and advise how to deal with this situation and share their learnigs. Any attorneys / senior members - Please advice.

 

Thanks