I have swelling on my bottom jaw from a chipped tooth and its in constant pain. how serious is my condition?

Serious: Please consult a dentist asap as infection may get into the bone and cause serous long term problems. You do have an infection and it needs treatment asap.

Somewhat serious: The symptoms tend to describe a dental abscess. These symptoms tend to resolve when the infection drains spontaneously or is treated with an antibiotic. Howver, neither of these are curative. It must be examined by a dental professional. If it is an infection, it requires a procedure to correct it.

Probably abscess: Your chipped tooth may be the result of a large cavity. Large cavities undermine the enamel and eventually it crumbles (hence the word "cavity") i bet if your dentist takes an x-ray he will see decay into the nerve. Hopefully you did not neglect your teeth toot long and the tooth is still savable. See a dentist asap for a proper diagnosis and treatment.