I am currently on H1B and my 6 yrs will be over on 7/30/2010. My labor is already approved. My current project has ended and my employer is unable to find a new project for me given my personal circumstances in this short period of time when I need to apply for H1 extension as well. They are open to file I-140 for me.

1.Can I file for H4 COS as my husband's dependant and still file for I-140
2.Would I be eligible for H1 COS with 7th year extension once I-140 is approved being on H4

As per the document http://www.uscis.gov/files/pressrelease/Periods... aliens who are eligible for the 7th year extension may be granted an extension of stay regardless of whether they are currently in the United States or abroad and regardless of whether they currently hold H-1B status.