Should I even consider applying to the Ivies?

I have a very bad transcript which was because of a family problem.

Mids: 2D 2C 1B
Finals: 2B 2C (I cleared a subject, currently awaiting results)

My question is, should I consider applying to the Ivies?
Will a high SAT score compensate for the bad grades?
I will also be writing an essay on the turn of events that lead to this.

Overall GPA? With that many Cs and Ds, I don’t think the chances are too high for you.

which year did this happen (fresh, soph?)

IMHO, GPA counts for more than SAT/ACT. depends on the GPA trend and if you are willing to put $$$ and effort into the application. If you are urm, have great EC’s, or have glowing recs/essays, it might be worth a shot.