Kitchen Large Electric Appliances - Maytag washer won't drain

I have a Maytag washing machine model number MAV5057AWW. It fills with water properly, agitates correctly, but once the spin/drain cycle starts the machine makes an awful racket that sounds like worn plastic gears rapidly against more worn gears. I would equate the sound to a power steering pump very low on fluid. It also emits an acrid odor at this point. It doesn't smell like burning/melting wire but it does have a similar sweetish smell to it. I work on my Kenmore and Whirlpool machines as needed with no problem but when I opened this Maytag up it is totally different. Does it have replaceable clutches? I don't know whether to toss this machine or repair it. Any advice you could give would be greatly appreciated.

Check the water pump. You probably have a bad pump. I saw some on EBay for around $25. Let us know what you find. Thanks.

I forgot to mention an important bit of information: the drum doesn't spin or I shut the washer down too soon for the drum to start spinning due to the noise.

Can't remember if your's is one but some won't spin until water is out. Noise sounds like water pump, fairly common on your model.