Another project

Is anyone working on a way to clean up the debris circling the planet? Over the years I've heard about paint chips, nuts, bolts, pieces of solar panel, etc. circling the Earth at above bullet speeds and how they can rip holes in space craft. Is this just one of the hazards or can we do something about it. Do the orbits of these items eventually give out so they can burn up in the atmosphere or will this stuff develop into Earth's Rings?

Garbage particles instead of ice and rock.

I think I'll move to one of Saturn's moons.