You can tap the hole very easily with a tool available for a few bucks at hardware stores or auto parts stores. Just need to get the right tap for bolt size and thread pitch (also need to determine metric vs. SAE). Hardware stores will have samples to compare, or you can just buy a bolt and matching tap that's slightly larger than the current bolt. That would be safest, if the hole is really stripped, you might not be able to restore the original thread size, may need to go a size larger.

Use some oil on the tap, and work it in and out gradually.