I am going to complete my H1b 6 years limit in March 10th 2012.My wife has the H1b Validity until oct 2012 and his employer would be extending her petition again.
-->Is it possible to change my status to H4 and can stay in USA even after 6 years on H1B?
-->Incase if i go back to my home country for 3/4 months , Can i still come back to USA on H4?
Yes, from a legal point of view, you are allowed to change your status from H1B to H4 after you reach your 6th year in H1B and continue to stay in the US with your wife (though you are allowed to work in H4) provided your wife is in H1B status.
I don't see why her employer would object to your change of status. But, as it suggested below, it would be prudent to talk to her employer and let the employer know that you need to change your status as your wife's dependent.
If you travel to your home country, yes, you can come back to the US in H4 provided you apply and obtain an H4 "visa" from the US Embassy in your home country. Remember that changing your status in the US does not mean that you obtain a visa. Once you leave the US, you need to obtain a "visa" from the US Embassy to come back to the US.
It is the employer and not the employee who sponsors you to obtain a visa. I suggest you work with the employers immigration attorney to monitor your situation as the simplest violation can cause any future application to be denied. It sounds like you have a few alternatives that you should discuss with the attorney.
I agree with my colleague. Sit down with your employer's immigration attorney and work through your options with him/her. If you feel more comfortable you may hire your own attorney for a consultation. Good luck
Debbi Klopman, ESq.
398 Bergen Street
Brooklyn, NY 11217
718 622 1208
This advice was intended to be general in nature and not to be taken as a legal opinion or legal advice and was not deemed to create an attorney-client relationship
Debbi Klopman, ESq. 398 Bergen Street Brooklyn, NY 11217 www.debbiklopmanlawoffice.com firstname.lastname@example.org 718 622 1208 This advice was intended to be general in nature and not to be taken as a legal opinion or legal advice and was not deemed to create an attorney-client relationship