It’s rumored that his grandfather was a bankrupt farmer of the Edo period.
You'd think this one would have a much different meaning, considering it's tear and give birth. This word means bankruptcy, which seems a bit odd, but I guess there's another bankruptcy word with 産 in it too (倒産). That one is fall, and this one is tear. They're both pretty bad, and they both refer to bankruptcy.
This is a jukugo word that uses the on'yomi readings of the kanji. You should be able to read this on your own.