Ok I'm SCREWED!!! NEED advice please!!!!

Wow nobody mentioned Heli-coil......probably most expensive way to repair it but hey. Glad it ended well for you.
 
Wow nobody mentioned Heli-coil......probably most expensive way to repair it but hey. Glad it ended well for you.

But probably the most reliable and secure if you want to use the same type bolt again, or want it to look completely like original. But probably over kill for this application. Just drill it out and use a nut and lockwasher.
 
Keep several size Heli-coil kits in my tool boxs from working on my old turbo dragbikes, they work great!
 

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