So there are a few proposals to dealing with this sort of thing, but most serious proposals are more preventative in nature. There are good engineering solutions for picking up old satellites and large pieces of debris. But small pieces of debris are not as easily dealt with- there have been some proposed solutions but no one is clear on if any of them are actually viable, at most right now there are a few toy models and back of the envelope calculations that suggest some solution will work. Right now, large nets seems like a promising idea but the problem of puncturing is serious.
So there are a few proposals to dealing with this sort of thing, but most serious proposals are more preventative in nature. There are good engineering solutions for picking up old satellites and large pieces of debris. But small pieces of debris are not as easily dealt with- there have been some proposed solutions but no one is clear on if any of them are actually viable, at most right now there are a few toy models and back of the envelope calculations that suggest some solution will work. Right now, large nets seems like a promising idea but the problem of puncturing is serious.
At least, a lot of chunks would de-orbit, due to the energy loss.