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A couple of things I can think of off hand, put as large a piece of wood in the hole as you can, then screw the bolt back in, it might help if you glued the wood in and let it dry first. Another thing you can do to tighten the screw up is cut a strip of #12 or #10 single strand electrical wire with the insulation left on, insert the wire into the hole as deep as it will go and then reinstall the bolt, the wire will force the screw to make new threads into the wood as well as the wire.