there are a few things you can do to adjust your derailer.
-tighten/loosen the cable.
-adjust the stop/limit screws.
-move the derailer. sometimes derailers can move where they clamp on to the frame and become to high, or to low, or turned at an angle. to adjust, loosen the clamp, move to desired position, and re tighten the clamp. you may have to re-adjust your cable and/or limit screws after you do this.
the only other possibility would be if the derailer has actually broken, and separated at the top or bottom. this has happened to me before on an older derailer, and is not a very common problem, and it took me a while to figure it out. if this is the case, you will be able to tell because both sides will be out of parallel, although you may have to test it by putting some pressure on it to separate the sides, as they will likely spring back together by the unbroken end. if this is your problem, you will have to buy a new derailer, or be really good at brazing.