If we apply for a H1b extension for another year ( I believe we can apply 6 months before the expiry of the current 7th year H1b ) and if its approved, does that mean that I can still work till Nov 2010 even if the I -140 gets rejected before the extension comes into effect?
Ans. Yes. You are safe. Under current practice, CIS does not take away extensions already given.
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You can get an H-1 extension when your I-140 or an appeal against the denial of an I-140 is pending. So you can have the employer file an appeal against the 140 denial and change employers. The appeal of employer A, will get you H-1 extensions for employer B. This could be easily good for 1-2 years of H-1 extensions. Start the green card again with B.
The simple answer is yes, the degree must be related. In the past, we have received many EB2 approvals requiring Masters degree. Now, such approvals are unreliable. Your degree seems to be related. Agribusiness and business... hmmm. I believe an EB2 argument can be made. The labor cert should be prepared in such a way so that if EB2 is rejected, EB3 is still safe. Do bear in mind, all submissions made to DOL MUST be true. Ultimately, it is the employer who must decide.
So, the questions is does filing for any green card permit me to stay in USA?
The answer is no.
Only those green card application in which there is no wait for a visa number (example: spouse or parent of a US citizen or EB1 category currently) permit you to stay in USA but only if AOS (I-485) is filed in a timely manner.
That is the reason spouses of green card holders have to wait OUTSIDE USA for many, many years.