URGENT - Need help to maintain lawful status - Sudden termination of contract


I am working on H1B visa at a third party client location. My employer’s contract with this client got unexpectedly cancel last week with the effective since 1st week of Jan 2015. My current employer don’t have work assignment for me currently, thus I have started looking for another employer who would transfer my H1B.

Being holiday season, It’s difficult to find a new job right away. In the mean time, I have though about a couple of options to maintain a lawful status. I need your guidance for choosing a right options from one o the follow with possible pros/cons.

1.COS / Adjustment of status to H4 - I wish to know - is it possible to file H1B again after finding a new job and is the new H1B cap exempted? Also is there any time constraint for this?


2.Unpaid leave of absence/ H1B without a paystub - What is the time margin for this option? What are the precautions that needs to be taken for this one?

Thank you again for your help.