Yes you can and should. The 21-year age restriction only applies to I-130 petitions for parents and sibling applications not children and spouses. The weight is not that long. They process now petitions filed in October of 2010. There is also a humanitarian parole possibility but that one is hard to get, though your situation may be ripe for it.
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Yes you should apply immediately. There is a waiting period between filing the I-130 and the availability of a visa which can be 2 to 3 years or more depending on what country you are from.
The answer provided here is general in nature and does not take into account other factors that may need to be reviewed for a more precise answer. You should consult with an immigration attorney before taking any action. The answer here is not intended to create an attorney-client relationship.
Yes, if you are a permanent resident you can petition to have your son issued a green card as well. If your son is outside of the US, the application would have to be processed at the consulate office of your home country. The length of time it would take to process the application depends on the particular consulate. However, if approved your son's visa would be immediately available. If, however, you are not a legal resident then you are not eligible to apply for your son.
By posting on this site or answering/responding to questions does not create an attorney-client relationship and is intended to be an opinion only. My opinion is not intended to be a guarantee or promise of any outcome or result in your matter.