Very scary, but first you would need to see how much brake fliud is in the resv. how low are the pads,but that probably wont be the problem. easy way to check is with the car in part and running, press down on the padel to see it will stay at one point when depressed. if it holds but slowly lowers it might be a sign of a leak at one or more brake lines or a bad master cylinder
Several possibilities to check. One, if for some reason the park brake is on while you are driving the rear brakes will get extremely hot. When brakes are hot they will not stop the car very well. In this case your front brakes would still work but not the back. That would also explain the smoke as the rear brakes may have gotten hot enough to smoke and possibly to burn the grease from the rear bearings. Sometimes people leave sunglasses and keys under the park brake handle and it doesn't go all the way down when you let the brake off. That would cause overheating of rear brakes. Be sure the park brake is totally off. There is also a possibility that bearing grease has gotten into one of the brake drums or on the pads causing a lack of braking and a lot of smoke.
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