Cancellation of Removal terminates any removal proceedings and allows you to remain in the country. It results in a green card for those whose applications are approved by the Immigration Judge! While this is pending, the applicant is eligible for work authorization and drivers license. Individuals who are facing removal may apply for a cancellation if they have a case already open in an immigration court.
Until there is an established date at which you are to appear before an immigration judge, you won’t be able to apply.
More importantly, the courts may use their discretion when approving a removal cancellation. This occurs even if you’ve met all of the requirements for eligibility.