If I bring my inactive CNPJ back into good standing, do the debts disappear automatically?

No. These are two separate things. Getting the company out of inactive status requires submitting the missing filings. The tax debts, on the other hand, continue to exist until they're paid or set up in a payment plan. One doesn't cancel the other. TF inter handles both fronts together: first we understand why it became inactive, submit what's missing, and, at the same time, take care of the debts through a payment plan. In the end, you have an active CNPJ and your debts under control, all resolved from wherever you are in the Americas.

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