Did you look at the sway bar links? When they wear out you will get a lot of "clicking" type sounds when you hit bumps. They are a common problem area on older BMW suspensions but the good news is they are fairly cheap and easy to replace.
It wouldn't hurt to check, but if a brake pad was loose I would suspect that under braking you would have a lot of vibrations and shaking coming through the steering wheel. Do you have a strut brace by any chance?
The AutoGuide.com network consists of the largest network of enthusiast-owned enthusiast-operated automotive communities.
AutoGuide.com provides the latest car reviews, auto show coverage, new car prices, and automotive news. The AutoGuide network operates more than 100 automotive forums where our users consult peers for shopping information and advice, and share opinions as a community.