I believe it will be your fuel pump.Over 200,000 miles is a lot for a pump. If it were the fuel filter then it would not just quit like you said it did.
To check your fuel pump :
1) remove back seat (lower portion) and the access panel for the pump is on the right side . I believe there are four screws holding the panel. remove panel.
2) There should be two plugs there .One for pump power and one for fuel guage .the one in the middle with the little nuts around it is the guage.
3) disconnect the other one and with the key on you should have 12 volts . Use a multi-meter to check . If you don't have 12 volts then you'll have to check your fuel pump relay. If you do then move on.
4) connect the pump back up and when you turn the key on or try to start there should be a hum or vibration coming from the pump. If not then I would suspect the pump is Kaputski !
When my pump went at 183,000 miles I ran wire direct from the battery to the pump to make sure it was the pump .
At 200 bucks for a pump you want to make sure yours is no good before you replace it . I replaced my pump and the car started right up.
Be very careful as you are working with gasoline and gasoline vapors! No SMOKING HERE PLEASE.A couple of links for your assistance that can be found in the how to section.
http://zoso.no-ip.org/318i-fuelfilter.htmlhttp://www.esatclear.ie/~bpurcell/318ismaintenance.html#fuelpumpAlso a couple of photos
If i've made some errors then someone on the forum will correct me I hope.
good luck

