Q: What could be wrong with my car after slight impact and antilock light comes on? 1995 BMW 525i

I recently spun out on the road and hit a muddy ditch. Once I had it towed, while in route we could smell the brakes (maybe parking brake because that's what it smelled like). The parking brake was not up though. We even tried pulling it up and putting it back down. When I checked the dash the antilock light was on. I was able to drive the car because I had to rearrange it so the tow truck could get to it, but not far enough to tell if it drove any different. I don't know if the impact shifted something underneath or if it's mud stuck underneath. Or maybe something else.

My car has 279000 miles.
My car has an automatic transmission.