Q: What happens if I am working on an H-1B visa and I am fired or the employer goes bankrupt?
A: Your status terminates. See an Immigration Attorney immediately to ascertain if it is possible to change your visa status without going "out" of a lawful immigration status and making yourself potentially deportable.

Q: Does the H-1B visa function as an INS Work Authorization?
A: The H-1B is limited to no specific work/employers. They are authorized on Form I-129, which is filed by the employer to allow a foreign national professional or party to be accorded H-1B status to fill that specific job. Should the alien wish to work for another "professional" employer, another H-1B visa must first be obtained to authorize such employment. The requirement for obtaining another H-1B visa is "waived" when an alien intends to work for only a portion of the day, or intermittently, or part-time in a non-specialty occupation. Under no circumstances will an H-1B be issued to a "non-professional" employee.

Q: What are the educational requirements for receiving an H-1B?
A: For professionals, or those in specialty occupations, the usual "minimum" requirement is a BA/BS degree at an accredited college or university obtained in the United States or abroad. Any foreign education that is post secondary must be evaluated by a credential evaluation service that is deemed reputable by the Immigration and Naturalization Service (INS). INS also insists on seeing original or attorney certified copies of foreign/US diplomas and transcripts. All transcripts and diplomas not in English must be "related" and relevant to the professional job for which the US employer is petitioning the INS.

Source: www.fhsu.edu