I should preface this review by confessing that I've never (yet) read "Sense and Sensibility", upon which this film is supposed to be based (reset in the East L.A. latino community). I've seen it strongly recommended elsewhere (e.g., TVTropes) that you read the Austen book first then see the film to appreciate the latter even more.
The "official" reviews, cover blurb ("riches to rags"), and even the title are a little misleading. While the girls (Camilla Belle as the older sister, Nora, and Alexa Vega as Mary) do lose their fancy Beverly Hills home when their dad dies and it's revealed he was nearly bankrupt, and they have to go live with their aunt in the barrio, the *main* story is about them discovering they do love the latina side of their heritage and their new neighborhood, plus finding, losing, then regaining love relationships.
While it wasn't intentional, my order also included "Crossing Over", which should be quite a contrast in its treatment of latino individuals and communities in the U.S.