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A pic will confirm, but there must be either a weldnut or a nutsert on the other end of that bolt. Either way, its apparently come loose from the body and you're in for some fun.
You could try pounding some wedges between the crossmember and body to try and get enough pressure on the nut to hold it in place while you continue to turn the bolt out. Pound in a wedge, turn the bolt until it starts to spin again, pound the wedge in more, turn the bolt, etc. This may work, but its not fun and you still have no way to get the old nut out no easy way to put a new nut and bolt in.
I'd skip that mess and cut a one inch or so hole in the floor above the bolt to gain access to it from the top. Then you can probably just cut the bolt head off, pull the other half of the bolt out through the new hole and use a new nut and bolt to put everything back together. Throw a rubber plug in the hole and replace the carpet and you'll never know the hole is there.
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