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Should I file my I-140 and I-485 concurrently?
The advantage of filing your I-140 and I-485 concurrently is that the average person receives their green card about 2 months quicker than if they waited to file the I-485 after I-140 approval. Also, if your NIV status is about to expire and you cannot extend it, then filing an I-485 will keep you in a valid status known as Adjustment of Status (AOS). You can apply for advance parole to travel and/or an EAD card (I-765) when you file the I-485.
The risk of filing the I-485 before the I-140 is approved is that if your I-140 is denied, then your I-485 is automatically denied and you lose your filing fee(s). Also, if you switched off from a NIV status to work on the EAD and/or travel on advance parole, you will need to obtain a new NIV status to remain and work in the US.