I would personally back the other bolts out and use a die/tap set to rethread the nutsertz. Then I would get new bolts. Is there an opening near the broken nutsertz that you can get a wrench through to hold it? I personally don't have a hitch so I'm not to familar with that area of the KJ. You can always use a cut off wheel, angle grinder, hack saw, etc. to cut the bolt. Unfortunately that won't fix the nutsertz problem, but at least you could move the hitch out of the way so you fix the nutsertz problem easier.
